Canadians are putting off their plans to buy a house due to interest rate hikes and inflation. In particular, 29 percent of young Canadians have changed their plans to purchase a home due to the rising cost of living, according to a Royal LePage survey.
Since the beginning of the year, overall in Canada, 19 percent of people who had plans to purchase a home delayed or deprioritized their plans, according to the Royal LePage survey.
Bank of Canada increased its lending rate for the fifth time this year in September and said that given the inflation outlook, it would have to be raised further. The next scheduled date for announcing the overnight rate target is Oct. 26….