Benjamin Tal, deputy chief economist at CIBC Capital Markets, tells BNN Bloomberg the Bank of Canada is overshooting on rates due to its hawkish bias by design. He says the bank’s deferral of the timing to reach its inflation target in 2025 is a strategic positioning to buy time, which will allow it to be less reactive to strong data in the near term. He also says the housing market will feel the pain in 2025-26 when a majority of mortgages are due to reset, if rates are not lower by that time.