Most Canadians waiting for mortgage rates to drop to reenter housing market: poll

📆 5/06/2023 5:01 p. m.
📰 VancouverSun

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Concerns about interest rates, inflation and a possible economic recession have changed Canadians\u0027 approaches to homebuying. Find out more.

The survey, published on June 5, found over two-thirds or 68 per cent of Canadians plan to wait for lower rates before they purchase a home. It said half of Canadians are deferring their home purchases because of their concerns about the economy, while 20 per cent are no longer sure if or when they will buy a home at all.

Among those that think current mortgage rates have affected their decision to move, 18 per cent are holding off as a result of market uncertainty and volatility, the report said.Article content With the current housing market, however, 66 per cent of current homeowners say they are not looking to move anytime soon and are likely to stay in their home longer than expected, the CIBC report said.

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Most Canadians waiting for mortgage rates to drop to reenter housing market: pollConcerns about interest rates, inflation and a possible economic recession have changed Canadians\u0027 approaches to homebuying. Find out more.
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