Mortgage broker Ron Butler says many would-be homebuyers are opting to wait for more interest rate cuts from the Bank of Canada before jumping into the market, while others are hoping to see prices drop further.
Ron Butler, mortgage broker of Butler Mortgage, joins BNN Bloomberg and talks about the outlook for mortage renewals.
It was the third-straight quarter percentage point rate reduction by the central bank after it raised its headline rate to five per cent in July of last year. “If you own a home and you want to go to a bigger home, you’re never quite sure what you’re going to get for your home,” he said. Butler also noted that many Canadians are in uncertain or precarious employment situations, and that “people aren’t always interested in buying a new home when they’re worrying about their jobs.”Butler said that when it comes to the condo market, virtually all speculative investors have left the space as prices have fallen and sales have slowed.
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