A potential 30% increase in first-time home buyers is anticipated in Ontario as the Bank of Canada lowers the overnight interest rate to 3.5%. This change, along with amendments to insured mortgages and extended amortization periods, is expected to create a buyer-friendly environment. Many new arrivals in Canada are also ready to purchase homes after waiting for permanent residency. However, a lack of available listings may create competition, potentially disadvantaging first-time buyers against those with existing equity. Buyers are advised to proceed cautiously.
Continue to full article