The majority of survey respondents expect the price of a home to continue to rise next year as inflationary pressures add more costs to Canadians’ home-buying dreams.
“As consumers consider buying a home, they have to deal with rising costs on a number of levels,” said Hassan Pirnia, head of personal lending and home financing products at BMO Financial Group, in a release. “These financial hurdles are having a major impact on the purchase plans for these consumers, in terms of what they will buy and when they will buy.
BMO’s survey found that the expected amount to pay for a house increased by $100,000, a jump of 26 per cent year over year. On average, homebuyers nationwide are now expecting to pay $588,000 for a home.
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