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Canadians were given a boost to affordability when rates were cut at the start of the pandemic. The Bank of Canada‘s housing affordability index fell to the most affordable level in over a decade. By cutting interest costs, households can finance debt more cheaply, improving affordability. It also happens to increase demand though, pushing home prices higher. If left for too low, for too long — the benefits of low rates are outweighed by higher prices. Canadian real estate is now way past that point.

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