High Mortgage Rates Delaying Canadians' Decision To Buy, Sell Homes

dreams of homeownershipA pair of new polls from leading financial institutions has found that owning a home is still considered a “financial milestone” and “great source of pride” for Canadians, although the feat is increasingly arduous and anxiety-provoking., owning property remains a top goal for 71% of non-homeowners, although the majority of renters and current mortgage holders are concerned about how inflation and rising rates will affect their ability to keep up with costs.

“Homeownership continues to symbolize real financial progress, success, and security for many Canadians and their families,” said Gayle Ramsay, Head of Everyday Banking, Segment and Customer Growth at BMO. Of those who are entering the market, the majority are buying a previously owned home or condo . Only 15% of recent first-time buyers purchased a pre-construction home, and just 7% bought a pre-construction condo.

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