Inquiring minds want to know: can the Bank of Canada cut interest rates quickly enough to avoid a collapse of the housing market?
Butler says clients who locked in around 1.7 per cent in 2020 and 2021 are now renewing closer to four per cent, pushing payments up 20 to 25 per cent.
Even if the BoC cuts this week, affordability challenges will persist. “You cannot solve something that has taken 20, 30 years to build up in five minutes,” Tal said.
Short answer;NO.
For the federal government just announced their very own agency to turn the housing market to total crap.
With the stated intent of Bureaucratic Help,builders and investors will flee the country even faster.
And where might the BOC take interest rates?
Into negative territory?
According to our Kleptocrats,negative interest rates will solve everything.
They may be right,just not in the ways they imagine as solution.