A recent survey by REMIC uncovered that one-third of Canadian homeowners express regret about their current mortgages, primarily due to concerns about affordability and feeling stuck with unfavourable rates. The findings highlight a significant need for increased financial awareness as homeowners navigate the challenges posed by recent interest rate hikes.

The Bank of Canada has opted to maintain its benchmark interest rate at 5%, marking the second consecutive instance in which the central bank has refrained from adjustments. This could indicate a shift towards a more conservative stance, given the ten rate increases enacted in the past year.

Toronto housing has simply become unaffordable. Some experts suggest there's a 0% chance of affordability ever returning to the GTA real estate market. As mortgage interest rates continue to rise, this has resulted in a significant decline in home sales activity. Where will the next generation live?

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.