{"id":8998,"date":"2018-05-08T11:11:44","date_gmt":"2018-05-08T18:11:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8998"},"modified":"2018-05-03T17:06:34","modified_gmt":"2018-05-04T00:06:34","slug":"1-in-4-canadians-are-planning-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/1-in-4-canadians-are-planning-to-buy-a-home\/","title":{"rendered":"1 in 4 Canadians are Planning to Buy A Home"},"content":{"rendered":"

Despite a new mortgage stress test and rising interest rates, a new report has found that nearly a quarter of Canadians are planning to buy a home in the next year.<\/p>\n

According to a report from BMO, 23% of Canadians surveyed are looking to buy a primary residence in 2018, for an average expected price of $474,000. (That price jumps slightly for buyers in Toronto and Vancouver, to $580,000 and $603,000, respectively.)<\/p>\n

That\u2019s despite 73% of respondents indicating that they believe interest rates will go up in the next year. And, though a new mortgage stress test introduced on January 1 could make qualifying for a mortgage more difficult, 53% of respondents said they aren\u2019t planning to stress-test their mortgage.<\/p>\n

\u201cFor the first time in years, interest rates are beginning to rise \u2014 making it increasingly important for Canadians looking to buy a home to stress-test their mortgage against a higher rate to ensure they can afford it over the long term,\u201d writes BMO head of personal banking Martin Nel, in a statement.<\/p>\n

According to BMO senior economist Sal Guatieri, even moderate interest rate hikes can severely erode affordability in high-priced markets. The Bank of Canada hiked the overnight rate to 1.25% in January, and is widely expected to hike it at least once more before the end of the year.<\/p>\n

\u201cGiven that rates have been historically low for awhile and are not expected to increase dramatically, borrowers may not see the need to stress test,\u201d writes Guatieri, in a statement. \u201cBut they should at least plan for a worse-case scenario that involves a material increase in borrowing costs.\u201d<\/p>\n

The report found that 69% of respondents preferred a fixed rate, while only 14% wanted a variable one. More than 51% said that their choice would be impacted by the base rates being offered for each.<\/p>\n

\u201cIt\u2019s encouraging to see that Canadians are thoughtful about weighing their mortgage options based on rate, but it\u2019s equally important that they consider how their choice will affect their day-to-day finances,\u201d writes Nel.<\/p>\n

BMO : One in Four Canadians are Planning to Buy A Home in the Next Year<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite a new mortgage stress test and rising interest rates, a new report has found that nearly a quarter of Canadians are planning to buy a home in the next … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8998","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\n1 in 4 Canadians are Planning to Buy A Home • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/1-in-4-canadians-are-planning-to-buy-a-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"1 in 4 Canadians are Planning to Buy A Home • Rory C 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