As we watch the Bank of Canada do its thing, the loudest conversations I\u0027m hearing surround the impact this is having on the housing market.
If you’re a buyer who threw every penny the bank would give you at the prospect of homeownership over the past two-and-a-half years, you’re probably consumed by such chatter yourself; after all, as rates go up, prices come down. We know this.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Endless have been the discussions on the impact the fast and furious rate hikes will have on the over-leveraged speculators. But what of the entrepreneurs who had no choice but to borrow, borrow, borrow in order to keep the lights on? And yes, it’s true — Canadians have been conditioned to believe in the endless opportunities afforded by investment in homeownership such that comfort with debt now goes hand-in-hand for whole generations of young Canadians.
And our government? Well, they seem to have identified the reality that their decision to flood the economy with stimulus money in order to sustain our country through a once-in-a-lifetime pandemic was what carried us through. And thank goodness. But now that inflation is roaring as a result, and the voters are growing unruly as their cost of living skyrockets, the Feds’ solution seems to be to throw more money at the problem. Which should be as infuriating as it is baffling.
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