The Globe and Mail reports in its Friday edition that Bank of Canada Governor Tiff Macklem is urging all levels of government to work together to boost the supply of homes across the country, arguing that the rising cost of housing, which has become the biggest driver of overall inflation, cannot be addressed by monetary policy alone. The Globe's Mark Rendell writes that in a Thursday appearance before the House of Commons finance committee, Mr. Macklem was peppered with questions about housing affordability and the BOC's own role in increasing shelter costs for homeowners by pushing up mortgage rates. He said: "You're not going to solve housing with low interest rates and you're not going to solve it with high interest rates. We've tried both, and we've had high shelter price inflation. The durable solution is to increase the supply, and that includes both the supply of homes and the supply of purpose-built rental." Even as consumer price index inflation has declined -- falling to 3.4 per cent in December from a 2022 peak of 8.1 per cent -- shelter costs have continued to surge. This is partly a result of the BOC's monetary policy tightening campaign, as higher interest rates push up monthly mortgage payments.