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Wave of sidelined homebuyers plan to return to the market this spring: report - BNN Bloomberg

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Many Canadian homebuyers were sidelined after interest rates climbed to the highest level in more than a decade last year, but a new report found most individuals that postponed their housing dreams are planning to return to the market.

most individuals that postponed their housing dreams are planning to return to the market.

It also found mainly younger Canadians pushed back their home purchase plans this past year, with individuals aged 18 to 34 accounting for around 67 per cent of homebuyers that held off amid higher rates.While many Canadian homebuyers are planning to return to the housing market, some are still holding off watching for the Bank of Canada’s next move.

While this is a positive sign for homebuyers, the report found more than a third of respondents who put off their housing plans want to wait to see if the Canadian central bank will hold rates for several consecutive months.Homebuyers are facing a completely different environment now, in comparison to the conditions that were present the same time a year ago.

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On a $350 000 mortgage with a $930 bi weekly payment, $880 goes towards interest payments. It's not a good time to buy or own a large mortgage. Paying $100 a month off the house will get your house paid off in 200 000 years.

Nonsense; prices haven't even returned to pre-pandemic levels here in Vancouver. The only thing that will continue to encourage people to get off the sidelines are continued price drops. And, price drops are what corrections are all about.

Why you even publish the nonsense report from a real estate agency that have 100% pure conflict of interest ? They asked their realtors employees?

Utter nonsense.

Let’s ignore all the demand and “investors” that got pulled forward!

Yes, a report released by a brokerage 🤣 'A report released on Thursday by Royal LePage found about a quarter of Canadians (24 per cent) said they were looking to buy a new home'

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