Bank Of Canada's Stephen Poloz Suggests Buying A Smaller Home, After Hiking Interest Rates

The governor of the Bank of Canada, Stephen Poloz, had some advice this week for Canadians facing higher housing costs thanks to the Bank's interest rate hike: Just buy a smaller house.

"People who don't qualify for a mortgage on the house they wish today have multiple avenues of adjustment," Poloz said during a press conference announcing the rate hike, "one of them being to just go ahead to buy a smaller or less expensive home."

One (perhaps cynical) way to view his comments is: You're...

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