Majority of aspiring homeowners awaiting rate cuts before buying: BMO survey [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
TORONTO — The majority of Canadians aspiring to buy a home say they will push their plans to next year or later to wait for interest rates to drop, a new survey shows. Bank of Montreal says 72 per cent of respondents hoping to buy a home will wait until borrowing costs fall — an increase of four per cent compared with last year. Article content The Bank of Canada is widely expected to begin cutting its key lending rate in the second half of the year. BMO Capital Markets senior economist Robert Kavcic said this should pull some demand off the sideline and firm up the housing market. Article content “But rates have a long way to fall still before affordability is restored to recent norms,” he said in a release on Monday. Other financial concerns such as inflation and the high cost of living are also holding many back from buying homes this year, the BMO survey suggested. The survey of 2,500 respondents was conducted by Ipsos from Feb. 28 to March 18. While 62 per cent o
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