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Lending standards tightening, but only modestly

The Bank of Canada’s first-quarter Senior Loan Officer Survey (SLOS) showed a sharp tightening of mortgage lending standards, but we already know that has not been enough to prevent a resurgence in the housing market. While bank lending standards for firms have been tightened by less than in the US, our proprietary indicators still suggest that overall financial conditions are as tight as during the financial crisis. 

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