A potential 30% increase in first-time home buyers could be coming to Ontario
This past week, the Bank of Canada announced that it would reduce the overnight interest rate to 3.5 percent.
Even if this is the last dip for a while, economists believe that first-time homebuyers may have a substantial edge.
Specifically, since this cut runs alongside recent amendments to insured mortgages (which boost the national price cap to $ 1.5 million) and the expansion of amortizations for first-time buyers — moving the timeline up to 30 years.
Rishard Rameez, who operates the Ontario-based real estate platform Zown, has been assessing these market trends to understand what 2025 may look like for would-be home buyers in Ontario.
“This December has been very different for us compared to last year. As of now, we are seeing a significant increase in inbound calls from people preparing a home purchase. Over the next two or three months, we are likely going to see a 20 to 30 per cent increase in first-time home buyers,” Rameez told INsauga.com.
