After the latest BOC rate hike, some homebuyers continue to worry about their ability to buy a home instead of renting, or using the bank
“Not everyone has been impacted by these interest rates just yet,” says Orlando. He notes that those who have aOrlando says that not everyone’s seen their monthly payments increase, but they’ve seen the amount of money they pay to interest increase. Because of this, he notes there will be more adjustment in the housing market, “even if the Bank of Canada is approaching the end of its rate hiking cycle.
Humphreys recognizes that high interest rates make for higher mortgage payments. He notes that if he had gotten into the housing market 10 or 15 years ago, he would have been able to do so on his own financial terms.has made his hopes of buying a home — without relying on outside help — nearly impossible.for a home purchase, he’s having to rely on parental support in order to bridge the financial gap.
Marchant observes that prices may not come down, and interest rates might keep rising. This means that it will be even harder to buy a home than before. If interest rates do drop, but prices rise, then an equilibrium will be created, making the housing market similar to what it was in the early 2010s.Article content
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