A crucial question faces prospective homebuyers in many of Canada ’s priciest cities as the spring approaches. Is it better to wait for further interest rate declines, widely expected later this year, or start the house hunt now ahead of a potential rebound in prices? Home sales in December and January have bounced back from the lows of the latter part of 2023, with the number of newly listed properties also edging up, according to national data from the Canadian Real Estate Association (CREA).
But with the volume of sales still well below the 10-year average, prices continue to decline in many markets. Would-be buyers are largely waiting for borrowing costs to drop lower, as several financial analysts forecast the Bank of Canada won’t cut its trend-setting interest rate until June or later this summer. But some economists believe prices and competition will quickly heat up by then as borrowing becomes less expensiv
Source: Loan Digest (loandigest.net)
Homebuyers Canada Interest Rates House Hunt Rebound Prices Sales Borrowing Costs