Mark David

Amidst reports that the housing market is cooling off, Canadian homebuyers and investors are still ready and willing to make purchases.

The BMO Housing Confidence Report indicates that 48% of Canadians under the age of 40 intend to purchase a new home within the next five years, according to the Financial Post.

This figure, says the report, has remained relatively unchanged since the fourth quarter of 2012.

The amount of interested buyers in Montreal and Toronto has held relatively steady since last year’s report, while a 5% gain was observed in Calgary. Atlantic Canada showed the biggest increase overall, with a 15% rise.

“The relative strength of the Canadian housing market continues to bolster homeowners' confidence,” Martin Nel, BMO‘s vice president of lending and investments, said about the results of the report.

Still, buyer interest in Vancouver dropped sharply, falling by 13%.

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate