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Share Name | Share Symbol | Market | Type |
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Bank of Montreal | NYSE:BMO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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1.45 | 1.53% | 96.00 | 95.88 | 94.66 | 94.67 | 1,433,773 | 01:00:00 |
TORONTO, April 29, 2024 The BMO Real Financial Progress Index reveals the majority (72%) of aspiring homeowners are waiting until interest rates drop before purchasing a home – a 4% increase from 2023 – amid rising concerns about the cost of living (58%), inflation (56%) and their overall financial situation (38%), over the past three months.
According to BMO Economics, homebuyers may need to wait longer for affordability relief. The Bank of Canada left interest rates unchanged in April, but left the possibility open for a rate cut by June or July 2024.
"Demographic forces have allowed some pent-up demand to build, and market psychology is such that many are expecting rate cuts in the second half of the year," said Robert Kavcic, Senior Economist, BMO Capital Markets. "This should pull some demand off the sideline and firm up housing activity, but rates have a long way to fall still before affordability is restored to recent norms."
The BMO Real Financial Progress Index found 85% of Canadians believe they are making real financial progress and over two thirds (67%) feel confident in their financial situation, but fear of unknown expenses (84%) and concerns about their overall financial situation (81%) and housing costs (74%) are among the leading sources of financial anxiety.
Top economic and environmental concerns affecting Canadians' homebuying decisions include:
"Homeownership is more than a milestone. Homeownership represents the achievement of real financial progress, security and wealth creation for many Canadians and their families," said Gayle Ramsay, Head, Everyday Banking Segment & Customer Growth, BMO. "As many first-time homebuyers wait for their chance to enter the market, we encourage Canadians to get started on their homebuying journey by meeting with a professional advisor or planner to learn more about the different paths to homeownership and build a personalized financial plan that can incorporate tools such as the First Home Savings Account or BMO Savings Goals to get them on track towards their financial milestones."
As Gen Z and Millennials1 look forward to achieving their next financial milestone, the survey found they are approaching homebuying differently than other generations:
"Despite the economic and market challenges, there are still many young Canadians preparing to embark on their homebuying journey and enter the real estate market for the first time," said Hassan Pirnia, Head, Personal Lending and Home Financing, BMO. "BMO's online tools and resources can help Canadians wherever they are in their homebuying journey, from giving buyers a better understanding of their budget at the start to providing more clarity about what they can afford and the carrying costs they should be considering."
BMO offers tools and resources to help customers throughout their homebuying journey including:
For more information about first-time home buyers programs and affordability tools, visit: www.bmo.com/main/personal/mortgages/first-time-home-buyer/.
To learn more about how BMO can help customers make financial progress, visit www.bmo.com/main/personal.
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.
The research detailed in this document was conducted by Ipsos in Canada from February 28th to March 18th, 2024. A sample of n=2,500 adults ages 18+ in Canada were collected. Quotas and weighting were used to ensure the sample's composition reflects that of the Canadian population according to census parameters.
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of January 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
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1The BMO Real Financial Progress Index defines Millennials as Canadians born between 1981 to 1996 and Gen Z as those born between 1997 to 2012. Only Canadians over the age of 18 were eligible to participate in the survey.
SOURCE BMO Financial Group
Copyright 2024 Canada NewsWire
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