this post was submitted on 14 Aug 2023
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That's going to happen. Houses will become affordable (in price). Thanks to the interest rates hikes that happened so fast their effect can hardly be seen yet, pretty soon, a lot of owners in debt won't be able to sustain their mortgage anymore. "For sales" signs are going to pop-up faster than mushroom and the prices will collapse.
No one will be able to afford them still, because of the mortgage cost, but at that point, Liberals can claim they successfully reined in the housing cost, and now they're off to tackle the mortgage cost. As the economy will be cratered, Bank of Canada will dump the interest rates back to floor level: another job well done!