Don't leave it to interest rates to fix Canada's ongoing housing affordability crisis, said Bank of Canada (BoC) Governor Tiff Macklem during a Tuesday speech at the Montreal Council of Foreign Relations. "Housing affordability is a significant problem in Canada — but not one that can be fixed by raising or lowering interest rates," Macklem said. The BoC head instead pointed to other aggravating factors, like the lack of housing supply, exacerbated by "zoning restrictions, delays and uncertainties in the approval processes, and shortages of skilled workers."

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