A growing number of Canadians, particularly renters, are planning to buy a home in the next 12 months amid the national economy’s steady recovery, according to a new wide-ranging survey by the Bank of Canada.
The central bank’s study found that during the second quarter of this year, approximately 14% of Canadians are planning to purchase a house or condo, up from the 11% level in Q1 2021. A larger proportion of renters (20%) than owners (11%) are also intending to buy.
“Low mortgage rates, increased savings and pandemic-induced shifts in behaviour continue to boost demand for housing. Buyers are seeking larger homes and locations outside of city centres,” the BoC said.
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