Home Buying Power Down 22%

Wednesday's 100 basis point hike to the overnight interest rate brings the total increases this year to 2.25%. This will understandably have a profound impact on housing prices. The monthly payments to purchase the same home in January compared to today are up $1,100, or 52%. The rising rates have already seen around a 20% decline in prices in the GTA, and here in Vancouver, around 11%.The full effects of the recent rate hike have yet to be felt. Plus, ...