The impact on the economy of higher interest rates has a long lag. The full effects of the tightening will not be evident for a few more years. Given that most Canadian mortgage borrowers renew their mortgages every five years, the largest impact is yet to come. Nevertheless, higher interest rates have slowed the most interest-sensitive sectors.
From April 1, 2023, as a first-home buyer in Canada you are eligible to register for a tax-free First Home Savings Account (FHSA).