this post was submitted on 13 Jun 2023
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This is not quite true. Yes for the ones that have significant mortgages left and have signed / renewed recently. But that's likely not most people. For new mortgages that start in the high interest climate, the overall cost will be similar to the typical one as prices are already lower. For the whole of Ontario, there are ~200K real estate transactions per year. Over the span of 5 years, that's 1M. While inflation affects everything and everyone, outaized mortgage costs due to the affect a minority of the households.