Canadian homebuying frenzy is showing signs of slowing down — via financialpost Canada housingmarket homebuying
“We see the arrival of more sellers on the market as a positive sign. This could mark a turning point toward more balanced demand-supply conditions later this year,” Hogue said.
At the same time, interest rates are rising, also expected to help with “cooling the demand side,” Hogue said. Rate hikes could very well be weighing on potential homebuyers, RBC’s poll suggests. Sixty per cent said they are worried about climbing rates in the next year, though 47 per cent think they could handle any increases.
Soaring inflation is also hitting people’s buying intentions. Almost half of potential buyers are fretting about what rising costs mean for a home purchase, and 54 per cent fear it will prevent them from being able to afford the expenses that come with ownership.Article contentin February from the prior year to $816,720, CREA’s most recent data show. That’s keeping people on the sidelines longer than they had originally planned.
But, perhaps expecting high prices are here to stay, Canadians also said they are budgeting and saving more so they can reach their homebuying goals. The average budget for a house purchase has risen more than $50,000 from $453,231 in 2021, to $506,646. And the average amount in savings is up to $196,285 from $177,558 last year.
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