Homebuyers Delaying Purchases for Rate Cuts: BMO Canada Survey
Majority of Canadians delaying home purchases to wait for interest rate cuts, according to a BMO survey. Find out more about the impact on the housing market.
A recent survey conducted by Bank of Montreal revealed that the majority of Canadians looking to purchase a home are choosing to delay their plans until next year or later in hopes of lower interest rates. The survey, conducted by Ipsos from Feb. 28 to March 18, found that 72 per cent of respondents are waiting for borrowing costs to decrease, which is a four per cent increase from the previous year.
Despite the desire for lower interest rates, there is still a significant gap to bridge in order to restore affordability to recent norms. While 85 per cent of respondents believe they are making progress towards buying their first home, financial anxiety remains a key concern. Unexpected expenses, climate-related risks such as wildfires, and the overall high costs of homeownership are among the top worries for potential homebuyers.
However, despite these challenges, many young Canadians are still determined to enter the real estate market and begin their homebuying journey. With careful financial planning and a focus on long-term goals, these aspiring homeowners are looking forward to taking the leap into homeownership.
The survey highlights the cautious optimism among Canadians looking to buy a home, as they navigate economic uncertainties and market challenges. While interest rates play a significant role in their decision-making process, financial preparedness and a realistic outlook on homeownership are key factors driving their decisions.
Homebuyers Delaying Purchases for Rate Cuts: BMO Canada Survey
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