Posthaste: Canadians putting off plans to buy a home until the Bank of Canada cuts rates [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Those expecting a spring rebound in Canada's housing market might have to wait longer than they thought. Article content A survey by the Bank of Montreal revealed this week that 72 per cent of aspiring homeowners are waiting for the Bank of Canada to cut interest rates before buying. Canadians opting to wait for rate relief are up 4 per cent from 2023 amid growing concerns about the cost of living, inflation and their financial situation, said BMO. Article content Among the almost 40 per cent planning to buy a home in the near future, only 13 per cent plan to buy in 2024 and 26 per cent plan to buy in 2025 or later, the report said. Canadians are expecting a rate cut in the second half of this year, and that should bring some buyers back to market and firm up sales, said Robert Kavcic, senior economist at BMO Capital Markets. “But rates have a long way to fall still before affordability is restored to recent norms,” he said. The Bank of Canada held its benchmark inter
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