Home buying in Canada has become harder due to a pandemic-driven housing boom and inflation reaching 8.1% in 2022. The Bank of Canada raised rates rapidly from March 2022 to July 2023 but has since cut rates nine times, holding the overnight rate at 2.25%. Inflation remains around 3%, with economic pressures causing uncertainty about future rate cuts. Fixed mortgage rates, influenced by bond yields, remain volatile, with some short-term fixed rates below 4%.