Bank of Canada expected to cut interest rate Wednesday with no signs of stopping there
Bank of Canada expected to cut interest rate Wednesday with no signs of stopping there
Bank of Canada is widely expected to cut its policy rate by 25 basis points on Wednesday. Find out more
Welp, that pretty much nixes housing being affordable any time soon.
That has never been the goal, it's not the goal of ANY of the major political parties because it would be political suicide.
For housing to be affordable, current house prices would have to drop significantly, which would means loses in the hundreds of thousands of dollars for most home owners, and 65% of the current residential properties are owned by the family that live in them (the majority of voters)
I, for one, would not mind if my property value stagnated or decreased so that others could have a better life.
But I'm not most people, nor am I in a decision-making capacity.
It's also worth saying that I live in a single family dwelling on a larger than normal city lot, so I recognize that I am a part of the problem and still wouldn't want to change the way I live.
My mortgage broker sent me a renewal package. Just threw that out. I still have a few months.
Yeah, CIBC is pestering me too. "Lock in early and get a special rate!". Aka, I still have two probable quarter points before renewal...
And if we managed to get Galen Weston and his buddies under control maybe Canadians would actually feel like those cuts were accurate!