Or was that 3 mortgage interest rate hikes in 2 weeks?
H/T to VG for this link. Scroll down to 11:11, watch it. An increase of 1% interest on a $300,000 mortgage over 5 years is $23,000. That's $383/month. If you've got a suite you could up your rent right? Only 4% per year though, unless your suite is vacant. So if you're getting $800/month you could up it to $832. You'll still be on the hook for the other $351/month. No worries, you can sell your car, that will free up that payment; the bus is only like $80/month. You should be able to make it work, and hey, maybe you'll do something for your health and the planet at the same time with those walks to the bus stops.
That said, the stats suggest only 30% of mortgage holders didn't lock in for 5 years. I'm guessing a lot of that 30% is locking in as you read this.
We don't expect a glut of foreclosures anytime soon. But Victoria just became that much more unaffordable. I wouldn't expect a rush of sales anytime soon. Smart money will recognize that the-tides-they-are-a-changing, and let the developers/current owners take the hit before they buy.
UPDATE: sorry, that link should have read 11:11, not 11:15.