That market volatility in the commercial sphere is likely to continue in the coming months, she said, especially with geopolitical factors weighing heavily on Canada’s economic recovery from the COVID-19 pandemic.

That unease was mentioned in the Bank of Canada’s most recent statement on its benchmark policy rate, on September 7, which listed the ongoing impact of COVID-19 outbreaks, supply chain snarls and Russia’s invasion of Ukraine as negatively impacting growth and pushing prices upwards.

China faced “ongoing challenges” from COVID-related lockdowns, the Bank said, while commodity prices continued to fluctuate unpredictably with oil, wheat and lumber prices steadying while natural gas prices spiked.

Among Kowalew’s particular areas of focus at present is MLI Select (APH Select in French), a program that allows successful applicants to access longer amortization periods and lower premiums as an incentive for fulfilling affordability, accessibility and climate-related goals in multi-unit development projects.

Introduced in March by Canada Mortgage and Housing Corporation (CMHC), that program offers incentives for both new construction and existing properties, with applicants able to focus on a single area – for instance, affordability – or combine commitments to maximize the points and incentives they receive.