There are signs that 2024 is going to bring home buyers out of the woodwork in significant numbers…once they have a better handle on where home prices and interest rates are going to settle. In other words, stability in both categories could be the trigger for buyers.
Also:
That’s the headline coming from an online survey — called 2024 Homebuyer Intentions Survey — conducted last month by Wahi, a platform for buying and selling, among Angus Reid Forum respondents. According to the survey, 18 per cent of the Canadians polled said they “may” or “probably will” buy a home this year.
Also:• 24 per cent of the respondents are 18 to 34 years old, the age group with the strongest intentions
• 21 per cent are from British Columbia, second only to Alberta’s 25 per cent
• 45 per cent are currently reducing spending to position themselves to buy
• 59 per cent ages 18 to 34 represent the strongest group in that category
• 49 per cent are waiting to see what happens with home prices
• 48 per cent are waiting to see what happens with interest rates
It’s another indicator that, once home prices and interest rates are less likely to change, there’s likely to be an influx of buyers. The next interest rate announcement from the Bank of Canada will come on Wednesday (January 24).
The survey was conducted the week of December 14.