Real Estate Optimism Surges in Canada With Rate Cuts on Horizon [BNN Bloomberg (Canada)]
Bank Of Montreal (BMO)
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Source: BNN Bloomberg
neighborhoods to increase over the next six months, according to a poll by Nanos Research for Bloomberg News. Only 8% foresee a decline. The rest expect no change or are unsure. That difference of 40 points is the largest since May 2022, two months after the Bank of Canada began to raise interest rates. Excluding 2020 to 2022, the pandemic period during which home prices rose at an extraordinary pace, it's highest reading on property prices since the Bloomberg Nanos Canadian Confidence Index began in 2008. Bank of Canada officials said last week they may soon begin to lower the overnight interest rate if inflation measures continue to move in the right direction. Plenty of potential homebuyers have been waiting for lower borrowing costs to make a purchase, and Canada's rapid population growth has created additional housing demand. “Let's just say that if the Bank of Canada doesn't cut rates soon, many in the real estate market are going to be seriously disappointed,” Robert Ka
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