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According to expert analysis, due to the increase in borrowing costs this year, some people may shelve their plans to buy houses for the time being.
The report said that in addition to labor market conditions and population growth, the central bank of Canada may raise interest rates several times this year, will be an important factor affecting the housing market.
While the central bank’s tightening cycle has led to fewer transactions, the point is that home buyers have recently had much higher eligibility criteria under OSFI stress tests, which could mitigate the impact of higher mortgage rates in the future.
Kevin Crigger, president of the association, said immigrants to Canada and the Greater Toronto area were expected to reach or near record levels this year.
These people all need places to live, while higher-income industries are expected to maintain a strong trend in job creation, further boosting consumer confidence in buying large houses.
However, as the supply of housing will still be limited, fierce competition among buyers and sales prices rising at double-digit growth rates will continue.
Jason Mercer, chief market analyst, believes that while home sales will remain strong in history, there are several important factors that will keep transaction volumes slightly below last year’s record levels.
The first is that borrowing costs will be higher this year, causing some families with marginal affordability to shelve their plans to buy houses for the time being.
Another reason is that after above-average home sales per capita last year, there will be some feedback this year, simply because the number of existing buyers will decrease. In addition, the insufficient supply of buildings in the Greater Toronto area has hindered some buyers who are willing to enter the market to complete the deal.