Quote:
Originally Posted by calgarywinning
The fiscal policy of the current government and endless nonsense spending has fuelled these rate hikes to control inflation as the media says. Well, here is the thing, interest rates for housing and borrowing have been all time low; because as each 3/4 point hike builds, homes truly do become unaffordable or attainable to most. Most importantly these rate hikes hit Canadian's extremely hard.
I feel bad for those who are going to be hit hard by this and the new generations of homebuyers entering the market.
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Prices should drop accordingly, but of course it will take a while to balance out.
Everyone's been talking about how broken RE is in this country...correcting things was never going to be painless. Of course its debatable where 'correct' actually is, but it's high time we all had a wake up call. And I say this as a recent buyer (thankfully fixed low) who will feel a fair bit of pain before too long.