Some are screwed. I wonder what the percentage is. Someone who paid off their mortgage is not screwed or owes their original 1990 mortgage amount.
If my kids are in a worse economic situation than me, than I have failed economically in life. I mean, how can I enjoy living in a house with a big back yard if my kid has a choice of moving to the US or renting for life?
At the end of my life, Im more screwed if I own a house and my kid rents than if I rent and my kids own their home!
Zero interest rate policies and poor regulation of the real estate market drove prices so high and it's amazing to watch people suddenly act as if it's higher rates now that are the cause of affordability problems. Absolutely short-termist thinking.
Governments (both fed and provincial) let ... no, encouraged ... this to happen.
If your workers can't afford to live where they work... you will stop producing anything at all.
If that means "destroying" the perceived wealth of homeowners like myself, so be it.
Look at a graph of BoC rates for the last 40 years and then see what an anomaly the period after 2008 is. Nobody should be expecting/demanding a return to that.