‘How are you going to compete?’: Canadians grapple with tight housing market

Eight interest rate hikes in less than a year have left thousands of Canadians feeling like homeownership is out of reach for now — and maybe even forever.

The benchmark rate, which sits at 4.5 per cent and has pushed borrowing costs up, is eating into prospective buyers’ budgets and leaving many stuck in a tight rental market.

Rentals.ca found the average national rent hit $1,984 in February, an almost 10 per cent rise form the same time last year,while the Canadian Real Estate Association said the average national home price totalled $662,437 last month.

From single parents on the hunt for a place to raise their children to millennials just wanting a rental that won’t cost most of their salary, these are stories of how Canadians are being priced out from coast to coast.

‘I didn’t end up with a home’