canada hogue

Buying a home in Canada has never been so unaffordable: RBC

If you’re hoping to break into the Canadian real estate market, you might want to hold off — buying a home has never been so unaffordable.

In a new housing affordability report, Robert Hogue, assistant chief economist at RBC, said that rising interest rates have driven ownership costs to record-high levels across Canada.

The Bank of Canada has raised interest rates five times since March. Currently at 3.25%, a further two hikes are expected before year’s end, but the impact has already been “historic.”

The resulting increase in the cost of mortgage payments combined with the surge in property

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