Great news for Canadian homebuyers! After a year of postponed plans and stalled home buying, many are getting ready to jump back into the housing market. According to a recent survey commissioned by Royal LePage and conducted by Maru/Blue, 62% of those who postponed their plans due to rising interest rates are now willing to return to the market following the Bank of Canada's announcement to hold the overnight lending rate at 4.5%.
The survey found that 26% of Canadians who put their home purchase plans on hold over the last year due to rising interest rates will resume their search this spring Many Canadians who intend to return to the housing market are gravitating towards a fixed-rate mortgage, which can shelter homeowners from fluctuating interest rates. The survey found that more than half (53%) say they would choose a four or five-year fixed-rate mortgage, and 17% say they would choose a short-term fixed-rate mortgage (one to three years). Industry regulators are cautiously optimistic, noting that Canadian financial institutions are more resilient to increased interest rates due to strict federal regulations.
So, if you've been waiting to buy your dream home, now is a great time to start your search! With signs of stable economic conditions, Royal LePage anticipates a more normalized spring market, and many Canadians are excited to jump back into the housing market.
Here at the Rocca Sisters, we are seeing inventory start to climb, but its not lasting! Get into our private pipeline of homes before they hit the market! There's a home waiting for you - let us help you find it!
Posted by Tanya Rocca on
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