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Canada's housing market may be in a serious state of flux – but that hasn't deterred younger people from wanting to buy a home.

In fact, according to a recent survey by real estate company Royal LePage, 60% of Canadian millennials who don't own a home currently believe they will do so one day.

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If Netflix's new rom-com Look Both Ways can teach us anything, it's that having a child can change your life — and that includes sucking up a lot of money you might've spent on a house, trips, clothing or many other things.

A think tank recently calculated the cost of raising a child until adulthood in the United States, and the price tag is at its highest point in decades due to inflation.

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The Bank of Canada announced on Wednesday that its key interest rate has increased to 1.5% — bad news for those who have borrowed money, such as mortgages, but a step toward ultimately making inflation-stricken Canada more affordable.

The central bank also warned that it's "prepared to act more forcefully" to meet its target of lowering Canada's inflation rate to 2%, suggesting that further hikes could be on the horizon as early as the next interest rate announcement on July 13. Canada's inflation rate hit 6.8% in April, the country's highest clip since January 1991 — back when Home Alone reigned supreme at the box office and Drake was still just Aubrey.

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The Canadian housing market has been on a major upward trend over the last few years. Buying a house in Canada is requiring more and more money. But why?

To understand what is going on, Narcity sat down with real estate expert and realtor Trish MacKenzie to understand what exactly is making the Canadian housing market so high.

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