A growing number of Canadians have been expressing a willingness to endure higher lending rates if it means moderating demand and price growth in housing markets.
In a new Nanos Research poll conducted for Bloomberg, nearly half of respondents said that they are at least “somewhat in favour” of an upward adjustment in the Bank of Canada’s overnight rate to blunt the non-stop increases in home prices – despite such an adjustment making other types of debt more expensive.
As many as 70% of Canadians also agreed that current home price trends represent a major economic problem.
“Even though there is no consensus, the fact that one in two Canadians are good with a rate hike speaks to the appetite to cool down a hot housing market,” said Nik Nanos, chief data scientist.
According to an earlier Bloomberg-Nanos poll this year, around 63% of Canadians believe that the value of homes in their respective neighbourhoods will increase over the next half-year.
Another 41.8% of respondents are expecting the economy to become stronger over the next six months – the highest level since 2010.
“Confidence in the increasing future value of residential real estate continues to break records in the Bloomberg-Nanos tracking and drives positive Canadian consumer sentiment up,” Nanos said in March. “Forward looking expectations have hit a 10-year high.”
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!
No comments:
Post a Comment