62 h. ago
More Canadians are holding back on buying homes amid recession fears
Rising concerns about Canada plunging into a recession are deterring prospective homebuyers, according to a new report.The BMO Financial Group released its latest Real Financial Progress Index on Monday, revealing that many Canadians are taking a "wait and see" approach as the possibility of Canada descending into an economic recession increased from 60 per cent to 74 per cent from March to April 2025."Canada's housing market remained under pressure heading into the spring, with sales and prices both weakening further," said Robert Kavcic, senior economist at BMO Capital Markets."There is some clear underlying weakness as inventory builds and investors remain absent. Suffice it to say, homebuyers are losing confidence and motivation, especially in areas of B.C. and Southern Ontario."The BMO survey examined how concerns about the economy have impacted prospective homebuyers' decisions.It found that over two-thir...
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