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After a first interest rate cut in June, the Bank of Canada (BoC) again lowered its key overnight rate by 25 basis points at its meeting Wednesday, to 4.5%. The move was in line with market and our own expectations ahead of the announcement.

The latest Business Outlook Survey largely confirmed further normalizing in a few key areas that the central bank has deemed critical to future inflation trends.

There hasn’t been this much rental housing under construction in Canada in a generation—which is encouraging news given the acute supply shortages across the country. But even more construction will be needed as rental demand continues to rise rapidly...