Wave of sidelined homebuyers plan to return to the market this spring: report
BNN Bloomberg
Many Canadian homebuyers were sidelined after interest rates climbed to the highest level in more than a decade last year, but a new report found most individuals that postponed their housing dreams are planning to return to the market.
A report released on Thursday by Royal LePage found about a quarter of Canadians (24 per cent) said they were looking to buy a new home this past year, and 63 per cent of them put off their plans amid the high interest rate environment.
Now, 62 per cent of individuals that postponed their plans say they plan to return to the market, and around one-in-four (26 per cent) respondents plan to resume their search this spring.
It also found mainly younger Canadians pushed back their home purchase plans this past year, with individuals aged 18 to 34 accounting for around 67 per cent of homebuyers that held off amid higher rates.
