{"id":52466,"date":"2026-08-20T19:52:05","date_gmt":"2026-08-20T23:52:05","guid":{"rendered":"https:\/\/prefblog.com\/?p=52466"},"modified":"2026-08-20T19:52:05","modified_gmt":"2026-08-20T23:52:05","slug":"august-20-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52466","title":{"rendered":"August 20, 2026"},"content":{"rendered":"

The BoC published two new Staff Analytical Papers today.<\/p>\n

The first, How Do Interest Rates Spur the Housing Market: Exploring Nonlinear Effects<\/a>, is by Benjamin Straus, St\u00e9phane Surprenant and Kerem Tuzcuoglu:<\/p>\n

In this note we examine how monetary policy affects housing demand, supply and prices in Canada, and whether these effects vary with labour market conditions. Using state-dependent local projections identified with narrative monetary policy shocks, we find that lower interest rates have larger effects when unemployment is low. Easing boosts resales quickly, raises housing starts with a delay, and increases house prices persistently. Because demand tends to respond more strongly than supply, monetary policy appears unable to alleviate housing affordability pressures and may instead intensify them when labour market conditions are strong.<\/p><\/blockquote>\n

The second, 2025 Methods-of-Payment Survey Report: Cash in an Increasingly Digital and Mobile Economy<\/a>, is by Marie-H\u00e9l\u00e8ne Felt, Saika Pacouloute and Angelika Welte:<\/p>\n

The Methods-of-Payment (MOP) survey provides key insights into Canadians\u2019 cash management and payment behaviour. In 2025, more than three in four adults report keeping cash on hand. Perceptions of cash remain positive and stable, and most Canadians do not plan to stop using it. At the same time, several indicators in the 2025 data suggest that patterns of cash use may be changing. Contactless card payments dominate in-person payments, with growing use of mobile devices.
…<\/b>
Key perceptions that influence payment behaviour and choice relate to acceptance, ease of use, cost and security. Overall, trends in perceptions are stable and continue the patterns observed in recent years (Chart 4). In 2025, consumers considered cash to be the least costly and most secure payment method. By contrast, contactless card payments were seen as easier to use but less secure than cash or chip and PIN card payments. Cash also continued to be viewed very positively in terms of ease of use and acceptance. However, consumer perceptions of cash have gradually declined from the post-pandemic rebound levels observed in 2022.<\/p><\/blockquote>\n

I’m surprised that privacy did not warrant a mention a motivation for using cash!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3967 %<\/td>\n2,661.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3967 %<\/td>\n5,011.6<\/td>\n<\/tr>\n
Floater<\/td>\n5.43 %<\/td>\n5.61 %<\/td>\n31,935<\/td>\n14.44<\/td>\n3<\/td>\n0.3967 %<\/td>\n2,888.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0079 %<\/td>\n3,654.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.93 %<\/td>\n59,221<\/td>\n2.58<\/td>\n5<\/td>\n-0.0079 %<\/td>\n4,363.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0079 %<\/td>\n3,404.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n5.57 %<\/td>\n54,371<\/td>\n6.76<\/td>\n12<\/td>\n-0.0727 %<\/td>\n3,081.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.54 %<\/td>\n5.61 %<\/td>\n39,757<\/td>\n14.47<\/td>\n21<\/td>\n-0.5834 %<\/td>\n3,403.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.52 %<\/td>\n5.84 %<\/td>\n93,759<\/td>\n14.08<\/td>\n17<\/td>\n-0.1709 %<\/td>\n3,405.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.36 %<\/td>\n5.43 %<\/td>\n43,611<\/td>\n14.64<\/td>\n20<\/td>\n-0.1861 %<\/td>\n3,354.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1709 %<\/td>\n4,158.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.92 %<\/td>\n4.49 %<\/td>\n83,851<\/td>\n2.11<\/td>\n31<\/td>\n-0.2393 %<\/td>\n2,660.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1709 %<\/td>\n3,481.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.17 %<\/td>\n4.45 %<\/td>\n51,375<\/td>\n1.93<\/td>\n14<\/td>\n0.1717 %<\/td>\n3,303.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Prem<\/td>\n-4.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-3.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.21
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Prem<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.15
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Prem<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 23.68
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.42
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.28
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Prem<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-04-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.15
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.38
\nEvaluated at bid price : 22.64
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-06-20
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.68
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.26
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Prem<\/td>\n55,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n42,121<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n29,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n26,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-03-20
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Prem<\/td>\n14,725<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n13,225<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
There were 2 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Prem<\/td>\nQuote: 25.08 – 26.24
\nSpot Rate : 1.1600
\nAverage : 0.7656<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

BN.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.67 – 21.67
\nSpot Rate : 1.0000
\nAverage : 0.6406<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.60 – 22.55
\nSpot Rate : 0.9500
\nAverage : 0.5997<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 26.01 – 27.00
\nSpot Rate : 0.9900
\nAverage : 0.6790<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n

BN.PR.B<\/td>\nFloater<\/td>\nQuote: 14.10 – 15.17
\nSpot Rate : 1.0700
\nAverage : 0.7959<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 24.60 – 25.35
\nSpot Rate : 0.7500
\nAverage : 0.4905<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-20
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The BoC published two new Staff Analytical Papers today. The first, How Do Interest Rates Spur the Housing Market: Exploring Nonlinear Effects, is by Benjamin Straus, St\u00e9phane Surprenant and Kerem Tuzcuoglu: In this note we …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-52466","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52466"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52466\/revisions"}],"predecessor-version":[{"id":52467,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52466\/revisions\/52467"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}