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.


Homebuyers Delaying Purchases for Rate Cuts: BMO Canada Survey

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

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


US Real Estate Investors Still Focused on Portugal: A Safe Haven for Property Acquisition?

Discover why the US real estate investors are turning to Portugal as a secure and appealing destination for real estate investments.

Discover why the US real estate investors are turning to Portugal as a secure and appealing destination for real estate investments.

Read more

UK House Prices Still Unaffordable for Many Despite Rising Wages

High mortgage rates and soaring bills make UK house prices unattainable for many, despite wage increases above inflation.

High mortgage rates and soaring bills make UK house prices unattainable for many, despite wage increases above inflation.

Read more

Belgium's Real Estate Prices Surge, Straining Purchasing Power

Discover how rising real estate prices in Belgium are impacting purchasing power, as interest rates remain stagnant. Stay informed.

Discover how rising real estate prices in Belgium are impacting purchasing power, as interest rates remain stagnant. Stay informed.

Read more

Dutch Housing Market: 540 Tenants Challenge Rent Increase by CBRE and Nationale-Nederlanden

In a groundbreaking move, Dutch tenants take legal action to stop rent hikes, following recent court rulings against institutional investors. Stay updated with the latest developments.

In a groundbreaking move, Dutch tenants take legal action to stop rent hikes, following recent court rulings against institutional investors. Stay updated with the latest developments.

Read more

House Prices in Ireland Surge Amid Severe Property Shortage

Discover the latest Daft.ie House Price Report revealing a 3.8% increase in Q2 2024, with prices soaring by 35% since Covid-19.

Discover the latest Daft.ie House Price Report revealing a 3.8% increase in Q2 2024, with prices soaring by 35% since Covid-19.

Read more

UK Tax Rules on Second Homes: Can They Solve the Housing Crisis?

Owners of empty properties in England, Wales, and Scotland may face higher council tax rates, but experts are unsure if this will truly address the housing shortage.

Owners of empty properties in England, Wales, and Scotland may face higher council tax rates, but experts are unsure if this will truly address the housing shortage.

Read more

Portugal Real Estate Market: Sales Decline, Prices Up 7%

Stay up to date with the latest trends in Portugal real estate market with the today update on housing prices, showing a significant 7% increase since the beginning of the year. Explore the impact of decelerating prices on the market.

Stay up to date with the latest trends in Portugal real estate market with the today update on housing prices, showing a significant 7% increase since the beginning of the year. Explore the impact of decelerating prices on the market.

Read more

The US Housing Market Stuck: Sales Slow Despite Lower Interest Rates

Despite dropping mortgage rates, the US housing market remains stagnant with no immediate signs of improvement. Experts predict recovery may not happen until 2026.

Despite dropping mortgage rates, the US housing market remains stagnant with no immediate signs of improvement. Experts predict recovery may not happen until 2026.

Read more

Idealista, Leading Spanish Real Estate Portal, Acquired by British Fund Cinven

Discover the €2.9 billion acquisition of Idealista, the top real estate site in Spain, Italy, and Portugal, by British fund Cinven.

Discover the €2.9 billion acquisition of Idealista, the top real estate site in Spain, Italy, and Portugal, by British fund Cinven.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.