More purchases of houses to come because of the low interest rates!

02 February 2015

Low interest rates will influence Canadians to buy a home, according to a recent poll conducted for the Bank of Montreal (BMO).

Almost half (45%) of Canadians are planning to buy a house within five years. 12% of Quebecers have indicated that they will expedite the purchase of a house due to lower interest rates.

The survey, conducted by Pollara, shows how the new interest rates have an impact on the decisions of Canadians. Thus, 36% believe that the rate cut will have a positive impact on their overall financial situation, another portion of 36% of respondents say they are more likely to pay their current debts, while only 13% are likely to incur more debt.

According to the chief economist Sal Guatieri of BMO Capital Markets, interest rates will remain low for some time due to the fall in oil prices, which will promote the sale of houses, especially in Vancouver and Toronto where accessibility is a problem.

The intention to buy a property is very strong among younger with 74% of the members of Generation X, those born between the early 1980s and early 2000s, plan to buy a house in five years, while 31% intend to purchase a property within a year.

The survey also found that this generation is the most optimistic about low interest rates, while 21% believe they will now be able to afford to buy a home sooner.

The survey was conducted from January 23 to 26 of 1,002 Canadians. The margin of error is 3.1%, 19 times out of 20.

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