Significant Increase in Canadians Ready to Sell and Buy
According to a recent study by Dye and Durham, 10% of Canadians are considering selling their home to purchase a new one in the next 12 months. This figure is double compared to those who moved in the previous year.
Real Estate Investment Gaining Popularity
The study also indicates that 8% of respondents plan to add a real estate property to their portfolio in the coming year. This is a notable increase from last year’s 5%.
First-Time Home Buying: A Growing Interest
Additionally, 8% of surveyed individuals intend to make their first foray into the real estate market, compared to 4% who took the step in the past year.
Market Uncertainties
Despite the upward trend, 23% of Canadians are waiting for lower interest rates to commit. Furthermore, 24% of respondents are hoping for a decrease in real estate prices.
Influence of Interest Rates and Competition on Purchase Decisions
Another study highlights that 93% of recent purchases have been influenced by interest rates and market competition.
Financial State of Respondents
Nearly 30% of surveyed individuals believe they are in a tight financial spot, and 10% state they are struggling to meet essential needs. Nonetheless, 45% are comfortable with their purchase, even if future interest rates rise.
