Many home buyers are waiting on the sidelines until interest rates come down.
That was the finding of a recent survey by BMO, which says 72 per cent of aspiring homeowners are holding out until interest rates drop before purchasing a home.
It says they are concerned about the cost of living, inflation, and their overall financial situation.
The survey came after The Bank of Canada left interest rates unchanged in April – but left the possibility open for a rate cut by June or July.
Locally, that has meant a slowdown in sales of properties priced at $1.5 million or higher, according to local Realtor Steve Hamilton.
“That part of the market has been put on hold,” he said.
He said some locals faced with renewing their mortgages at higher rates are downsizing, or moving to other B.C. cities with lower housing costs, “or to Calgary.”
“A lot of
