After the news that the mortgage rate will be holding at 4.5% a survey conducted by Maru/Blue showed that Buyers who had put their plans on hold to purchase are now ready to return to the market.
The survey revealed that a portion of Canadian buyers are ready to resume their home buying process this spring, while another portion of Buyers want to see the central bank maintain the current rate for consecutive months before they return to the market.
Those who postponed their home buying plans this past year due to the high interest rates will notice that there is a reduction in what they can afford when returning to the market. Those that are returning to the market are seeking a fixed-rate mortgage which can protect home owners from fluctuating rates.
All of these factors including warmer weather coming are indicating the housing market is going to have a normal, healthy spring market.
Read more about the survey details here:https://realestatemagazine.ca/sidelined-homebuyers-ready-to-return-to-the-market-report/
If you’re looking to enter during the spring market click here: https://doorbell.ca/services/