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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
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I'm sure there's an argument to be made about not buying things you can't afford, but looking at the graph in that article, people are going to get fucked on mortgage renewals. Anyone that locked in for 3/4/5 years are going to be renewing between now and the next couple of years and going from BOC rate of 0.25% to 5% or more is going to hurt.
Someone I know is looking at renewing their mortgage in the next couple of months and they're already looking at a jump from 3% to >6%.
I think that's the intent right? How else are property values going to stop skyrocketing if no one is under any sell pressure?
Creating sell pressure is a tiny part of the solution. The real problem is supply. We need 10x the current build rate. Zoning laws, out dated transport infrastructure and greedy developers will ensure this remains a decades long problem.