Housing bubbles aren't in the mandate of the Bank of Canada. Poloz's only responsibility and objective is to maintain inflation between 1-3% per year. Nothing else. He need not worry about housing, jobs, whatever. This isn't the Fed with the dual mandate.

There is little to no risk right now of inflation exceeding 3% in the medium term, and with the huge labour force dislocations still present in the western provinces, it would be completely irresponsible and outside his mandate to hike rates now.