A new survey from BMO Bank of Montreal exploring how Canadians are matching high interest rates with home ownership shows two out three of us are sitting tight, waiting for interest rates to come down.
That goes for people planning to buy a house or those looking at a mortgage renewal. It’s a waiting game.
While hope is generally not a strategy, the situation has been the source of plenty of stress with 71 per cent telling the pollsters who did the survey it is among their primary causes of anxiety along with the fear of unknown expenses as well as general financial concerns.
With a large percentage of those who answered the survey saying they were deferring a decision, for one in five or 20 per cent, they say they have reached the conclusion they may never own a home, the primary source of wealth accumulation for families throughout the nation. A large majority say it was easier for their parents to purchase a home than it is today.
Interestingly, the bank is also active in the US and a similar survey south of the border produced virtually identical findings.
