interest rate

A crane atop a condo development in Toronto on April 16. Cole Burston/The Globe and Mail The Bank of Canada said the housing downturn is a drag on the country’s economic growth and singled out the glut of small condominiums in major cities for impeding new home construction. The central bank now expects housing to cut 0.1 percentage points from this year’s gross domestic product growth, according to its quarterly monetary policy report released on Wednesday. That is a downgrade from its January monetary policy report when the central bank predicted that housing would add 0.2 percentage points