A new home is displayed for sale in a housing development in Ottawa on Tuesday, July 14, 2020. Statistics Canada says the first increase in annual inflation since its June 2022 peak was driven by higher mortgage interest costs.THE CANADIAN PRESS/Sean Kilpatrick
Meanwhile, 73 per cent of younger millennials are likely to delay home buying plans, with 28 per cent planning to wait until 2024 or later. "While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership,” Gayle Ramsay, head of everyday Banking, segment and Customer Growth at BMO, said in a press release.
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