Home Affordability to Improve in Canada as Rates Fall and Incomes Rise, BMO Says [BNN Bloomberg (Canada)]
Bank Of Montreal (BMO)
Last bank of montreal earnings: 2/25 06:00 am
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Source: BNN Bloomberg
A combination of falling interest rates, roughly flat home prices and rising incomes will make buying a home easier for more Canadians, Bank of Montreal economists Robert Kavcic and Sal Guatieri wrote in a report to investors. Even in this scenario, however, affordability will still be “strained” by 2027, they said. Their forecast assumes a decline of 75 basis points in five-year mortgage rates to 4.25% and flat home prices in 2024, followed by three years of 3% annualized price growth and per-capita income growth of just under 3%. The report underscores the challenges faced by policymakers who are dealing with frustration, particularly among younger Canadians, over the cost of housing. “We do see progress, but it's going to take a long time to unravel something that took years to develop,” Guatieri said in an interview. Prime Minister Justin Trudeau — whose party is lagging Pierre Poilievre's Conservatives in the polls — has announced billions of dollars to accelerate home con
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