Canada's housing market has never been more unaffordable: RBC's Hogue - BNN Bloomberg

“The Bank of Canada’s rate hiking campaign since March has added hundreds of dollars to mortgage payments that come with a home purchase,” Hogue said in a“This, along with the jump in property values during the pandemic have made it more difficult than ever to become a homeowner in Canada.”“We expect increases to date, as well as further upcoming Bank of Canada hikes will intensify upward pressure on ownership costs over the second half of this year.

The report found aggregate affordability hit record-high territory in Victoria , Vancouver and Toronto in the second quarter. “The spike in interest rates since March—the policy rate is up 300 basis points to date with another 75 basis points on the way by year-end in our opinion—is raising ownership costs in every corner of the country,” Hogue said.

Good thing the Lieberals are on it..

Raise them more should be 7-10%

Some fun charts,

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