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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