Play Video
The Bank of Canada has raised its benchmark overnight rate to 4.25 per cent this year from 0.25 per cent in March, a rapid rise in borrowing costs that has left many prospective buyers priced out of the market. With many sellers also waiting for a more opportune time to list, the market seems to be going into a deep freeze during Canada’s winter months.Article content
Economists are now predicting Canada will enter a shallow recession the first half of next year, even as the central bank says rates may need to rise even further to tame inflation. So whether more buyers or sellers emerge as the weather warms into the spring selling season will likely depend on how the economy develops between now and then.
They're going to have to fall a hell of a lot harder to match the average income in Canada (Not including government wages or subsidies). It needs to drop nearly 40%-60% to even be considered - and with out of control inflation and rising interest rates - good luck.
This headline is fakenews
Canada is a VERY BIG place. Not true everywhere.
That's not alot.