HOME RATES ABOUT SERVICES VIDEO BLOG CONTACT ME TEAM
Brian Elston Mortgage Broker

Brian Elston

Mortgage Broker


Phone:
Address:
1731 167 Street SW, Edmonton, Alberta

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

BMO Survey: 72% of Aspiring Homeowners are Waiting for Rate Cuts Before Buying

4/29/2024

  • 13% of aspiring homeowners plan on purchasing a home in 2024. 26% plan on doing so in 2025 or later.
  • 62% believe owning a home is still one of life's biggest aspirations, but 56% of aspiring homeowners feel owning a home is unattainable. The BMO Real Financial Progress Index reveals the majority (72%) of aspiring homeowners are waiting until interest rates drop before purchasing a home – a 4% increase from 2023 – amid rising concerns about the cost of living (58%), inflation (56%) and their overall financial situation (38%), over the past three months.

According to BMO Economics, homebuyers may need to wait longer for affordability relief. The Bank of Canada left interest rates unchanged in April, but left the possibility open for a rate cut by June or July 2024.

"Demographic forces have allowed some pent-up demand to build, and market psychology is such that many are expecting rate cuts in the second half of the year," said Robert Kavcic, Senior Economist, BMO Capital Markets. "This should pull some demand off the sideline and firm up housing activity, but rates have a long way to fall still before affordability is restored to recent norms."

The BMO Real Financial Progress Index found 85% of Canadians believe they are making real financial progress and over two thirds (67%) feel confident in their financial situation, but fear of unknown expenses (84%) and concerns about their overall financial situation (81%) and housing costs (74%) are among the leading sources of financial anxiety.

https://newsroom.bmo.com/2024-04-29-BMO-Survey-72-of-Aspiring-Homeowners-are-Waiting-for-Rate-Cuts-Before-Buying

MY LENDERS

Scotia Bank TD Bank First National EQ Bank MCAP Merix
Home Trust CMLS Manulife RFA B2B Bank Community Trust
Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
Sequence Capital Wealth One Fisgard Capital Bloom Financial NationalBank