Half of Canadians still won’t by a home despite predicted Bank of Canada interest cuts

Despite predictions for rate cuts from the Bank of Canada tomorrow, reports have indicated that half of Canadians will still not move forward in buying a home in 2025.

A recent survey conducted for the Canadian real estate organization Zown revealed that 49 per cent of non-homeowners in Canada are still not willing to purchase a home even with anticipated interest cuts on the horizon.

This past January, the Bank of Canada lowered its overnight interest rate to three per cent.

With the added stress of the ongoing U.S. trade war, many economists predict another rate cut as early as tomorrow (March 12).

With half the country already feeling overwhelmed by the ongoing cost of living crisis, data from Zown cited that 57 per cent of Canadians are already too beaten down to factor in rate cuts or the ensuing trade war into a home purchase.

When adding up the numbers, data showed that one in four Canadians shooting for the goal of purchasing a property have already given up on the prospect of homeownership.

For more information on Zown’s study, visit their official website.