The Bank of Canada kept its benchmark interest rate steady at 5.0 per cent on Wednesday and hinted that its tightening cycle might have peaked, though inflation remains a concern.
The Bank of Canada kept its benchmark interest rate steady at 5.0 per cent on Wednesday and hinted that its tightening cycle might have peaked, though inflation remains a concern.
It’s so bad in Kelowna BC that the average wage would have to jump 10× from $22/hr to $222/hr in order for the average wage earner to be able to afford the average home under the one-third rule.
And yes, all other working-class wages would have to jump commensurately, with minimum wage rising to $167.50/hr.
Or, on the flip side, housing values would have to drop by 90%.
Either way, something has to give. This can only go on so long before people just start taking a page out of 1790s France.