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Most Canadians waiting for mortgage rates to drop to re-enter housing market: poll

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

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“Amid this challenging and changing market, homebuyers are keeping a keen eye on interest rates,” Hassan Pirnia, head of BMO’s personal lending and home financing products, said in a press release. “Regardless of when buyers are planning their purchase, it’s essential they have a clear understanding of budget and affordability at the start of their homebuying journey.”

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.

 

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