Low interest rates remain a key driver of home sales
Total economic activity in December was about 3% below the pre-pandemic level in February 2020
Prices jumped by about 8% last month
That compares with a deficit of $11 billion over the same period a year earlier
John Graham has replaced Mark Machin following events that "unfolded very quickly"
Average small business owner has accrued $170,000 in debt
Despite beating expectations, the bank's stock fell about 2.5% in midday trading
Prices, sales and housing starts have all soared in major markets despite the pandemic
The bank also reported record flows into its mutual fund sales business
CMHC warned of the risk, despite most of last year's deferrals ending on time