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Bank of Canada raises its interest rate to 5%
(www.cbc.ca)
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this post was submitted on 12 Jul 2023
186 points (98.4% liked)
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Buckle up as we're in for a ride. Thankfully this will only impact those who bought in the last 5~ years. Pricing before then was much more reasonable and should be able to absorbed.
Yup. I bought during the slight slump in 2019 and intentionally cheaper than I could afford so I'm still alright. Some folks I know bought at the peak 21-22 and spent all they got on mortgages under 1.5%. I don't dare ask how they're doing.