According to the BMO Real Financial Progress Index, a huge number of aspiring homeowners are waiting for interest rates to drop before entering the market.While the Canadian housing market may have softened after its red-hot, pandemic-inspired run – resulting in lower home prices from coast to coast – the country’s sky-high interest rates have rendered it officially theto purchase a home in the country's history. Inflation and a deflatingly high cost of living certainly don’t help.
While Canada’s central bank left interest rates unchanged in April – as widely expected – they hinted at the possibility of a rate cut come summer. “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.
Furthermore, they’re not doing it entirely on their own. In today’s economy, young homeowners need all of the help they can get; that’s whereso often come into play. Gen Z and Millennials are the most likely to expect to receive and/or plan to ask for financial help from their parents and/or grandparents, with 16% of Gen Z and 12% of Millennials looking for support towards a down payment for a home.
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Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »