The Bank of Canada has started lowering interest rates, but prospective homebuyers may be holding out for bigger cuts
After another month of lacklustre sales in September, Canada ’s national real estate association predicts 2025 will be the year buyers come back to the market.
The cheapest five-year fixed mortgage rate is now below 5 per cent, according to rate comparison websites. That is lower than a year ago, but still more than double the rate during the early years of the pandemic. However, the case is building for the central bank to cut interest rates more aggressively, with the latest round of government data showing
CREA predicts there will be 499,800 home purchases next year. That would be 6.6 per cent higher than this year but still below the 10-year average. In addition to lower borrowing costs, the federal government’sThe new rules will allow first-time homebuyers to stretch out their mortgage payments over a longer period of time and permit buyers to make smaller down payments on homes that cost as much as $1.5-million.will increase and lead to higher prices.
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