There already was a correction. People only care about the monthly cost, and rates going up 0.5% has just shaved a large chunk off the cost of the property whic

There already was a correction. People only care about the monthly cost, and rates going up 0.5% has just shaved a large chunk off the cost of the property which is not yet realized in the sales due to extremely low sales volume. Any failure to keep up with USA's rate hikes will result in CAD going down vs. USD in my opinion. If Canada's central bank does keep up with QT coming from USA, it will attack the cost of property via large monthly payments. I don't see any way around that. In comment to supply, the number of new housing units being finished in 2021/2022 is at record highs. Immigration has stopped due to covid, yet the price keeps going up. I don't buy the tight supply hypothesis. I think its just due to hoarding and speculation. Why sell when your asset goes up 20%/yr. Many people I know have 2+ properties here (don't forget cottages)