The Canadian housing market has slowed as potential buyers wait for lower interest rates. With the Bank of Canada keeping rates high, many Canadians are delaying home purchases, hoping that future rate cuts will improve affordability. According to the Canadian Real Estate Association (CREA), this has created a “holding pattern,” where sales have dipped in recent months.
Although activity has cooled, real estate experts expect the market to pick up once rates begin to drop. There’s pent-up demand from buyers who have been sitting on the sidelines, waiting for more favorable conditions.
However, affordability remains a major concern, particularly in markets like Toronto and Vancouver, where prices are still high. Even with rate cuts, some potential buyers may still face challenges entering these competitive markets.
The CREA has highlighted that while current conditions are tough for buyers, those who can afford to wait could benefit when rates eventually fall, potentially sparking a new wave of market activity across the country.
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