Canadians are so anxious about the blistering housing market they're open to rate hikes to cool it
Soaring housing costs have emerged as a major issue in public consciousness after a year in which prices jumped by 30% or more Canadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise the cost of borrowing to dampen demand for real estate and stabilize prices. About 70 per cent of Canadians responding to a new Nanos Research poll conducted for Bloomberg News said the sharp increase in home prices was a major problem for the economy. Almost half were at least somewhat in favour of the Bank of Canada raising its overnight rate to slow the rise, even though such a move would also increase the cost of credit lines, credit cards and other debt. The numbers underscore how soaring housing costs have emerged as a major issue in the public consciousness after a year in which prices jumped by 30 per cent or more in some regions. Economists at major banks have called on the government to act to reduce demand. At the same time, the Bank of Ca
