Interest rate hikes hurt

I admit, I am not very experienced when it comes to economics, so please help me out here.

The Bank of Canada may raise (interest) rates again in mid-October and therefore, mortgage rates will go higher.

Cities are scrambling to deal with a lack of housing that is affordable but all I see (in Kelowna) are luxurious high rises being built. First or even second-time owners don't have a chance unless they are willing to buy a micro-suite, which would only be inhabitable for one person or maybe two. They cost a fortune and the investors who can afford them are probably going to rent them out at horrendous amounts.

I don't see how that is helping the housing problem. Banks are going to see more foreclosures. How does that help?

Our country is still receiving immigrants, which is a wonderful gesture but we can't house or support the people we already have.

There is something terribly wrong here and we need some answers please.

T. Hurst

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