Home Affordability to Improve in Canada as Rates Fall and Incomes Rise, BMO Says [Financial Post (Toronto, Ontario, Canada)]
Bank Of Montreal (BMO)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — One of Canada's biggest banks says housing affordability is poised to gradually get better — but not enough to bring it close to pre-pandemic levels. 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. Article content 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 hous
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- 5/29/24 - Beat
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- 6/21/24 - Form FWP
- 6/21/24 - Form FWP
- 6/21/24 - Form FWP
- BMO's page on the SEC website