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Navigating the Canadian Housing Market: Insights on Interest Rates and Home Buying Intentions

The past two years saw 51% of Canadians delaying their home buying plans, responding to the rise in borrowing costs. This surge led to a significant reassessment of intentions among millions of Canadians. Since March 2022, when the Bank of Canada began raising its key lending rate, over a quarter of the adult population (27%) actively participated in the housing market. However, more than half of them (56%) postponed their property search due to escalating interest rates, according to a recent survey by Royal LePage and Leger.

As inflation inches closer to the desired 2% target, expectations are high for the Bank of Canada to make its first cut to the overnight lending rate later this year. This anticipated reduction is poised to bring relief to variable-rate mortgage holders and those who deferred their home buying plans. Among those who delayed their purchase, 51% are ready to resume their search if interest rates drop. Specifically, 10% await a mere 25-basis-point drop, 18% anticipate a cut of 50 to 100 basis points, while 23% seek more than a 100-basis-point reduction before reconsidering their search.

Though 20% of sidelined buyers have abandoned their plans altogether, another 12% are poised to re-enter the market if the Bank of Canada's key lending rate remains steady. Among those aiming to re-enter once rates decrease, 44% prefer a four-year or five-year fixed-rate mortgage, the most favoured mortgage type and term in Canada. This number doubles the respondents intending to opt for a variable-rate mortgage (22%), while another 12% plan to secure a short-term fixed-rate mortgage.

Despite the challenges posed by rising interest rates, 65% of respondents remain actively engaged in the home buying process. This engagement spans from casual browsing of listings (39%) to continuing to save for a down payment (19%), applying for a mortgage pre-approval (12%), or already having obtained one (7%). However, 26% of respondents have temporarily disengaged from the home shopping process.

Ready to make your move in the housing market? Don't let rising interest rates hold you back! Whether you're ready to buy, actively browsing listings, or just considering your options, now is the time to stay informed and prepared. Let's take the next step together!

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Frosty Delights & Family Fun: Ottawa's Ultimate Guide to the Family Day Weekend Extravaganza!

Embrace the winter wonderland vibes as we dive into a lineup of frosty festivities and hot happenings in Ottawa! From thrilling bed races to enchanting ice carving demonstrations, our capital city is bursting with cool and captivating events to make your winter weekends sizzle with excitement. Whether you're a sports enthusiast, a culture connoisseur, or just someone looking to spice up their weekends, join us as we unwrap the coolest experiences and hottest happenings in Ottawa this season. Bundle up, grab a hot beverage, and let's embark on a chilly adventure filled with unforgettable moments and winter magic

  1. Winterlude Over the Past Weekend
    Explore the Snowflake Kingdom, a vast winter playground featuring snow slides, a zipline (with paid options), snowboarding and downhill skiing introductions for kids, and an array of other engaging activities – all for free!
    When: Thursdays to Sundays, including Monday, Feb 19. From 9 am.

    Where: Parc Jacques Cartier, 350 Laurier St, Gatineau.

    Winterlude

  2. The Great Canadian Kilt Skate
    Participate in the 10th Annual Great Canadian Kilt Skate in Ottawa. No need to be Scottish or wear a kilt! A similar event will take place in Pembroke on Feb 17, 1-4 pm - free of charge.

    When: Sunday, Feb 18, from 1 pm to 3 pm.

    Where: Lansdowne Park skating court.

    The Great Canadian Kilt Skate

  3. Pibon Winter Festival (Winterlude Edition)

    Celebrate the Family Day Weekend with an Indigenous Makers Market, workshops (some paid), cultural performances, indigenous comfort foods, horse-drawn sleigh rides, and visits to the farm animals, including the Ojibwe Spirit horses.

    When: Saturday, Feb 17, to Monday, Feb 19, from 10 am to 5 pm.

    Where: Madahoki Farm, 4420 West Hunt Club Road.

    Mādahòkì Farm
Indigenous Experiences
Knock on Wood Communications + Events
Friday March 25, 2022

Photo by Ashley Fraser
  4. Accora Village Bed Race

    Enjoy a lively event for teams of all ages where participants decorate their beds and compete in a race. Prizes awarded for the best decorated bed, the fastest bed, and the best fundraisers.

    When: Saturday, Feb 17.

    Where: Dallhousie and York St. Byward Market.

    No photo description available.

  5. Maple Tree Tapping

    Museoparc Vanier invites families to learn about maple syrup production, offering short training sessions on tapping and forest orientation every hour (9 am, 10 am, and 11 am). Bring your snowshoes (optional) - free of charge.

    When: Saturday, Feb 17, from 9 am to 12 pm.

    Where: 320 des Pères Blancs Avenue.

    Maple sugar fans throng to Vanier Muséoparc's revived festival | Ottawa  Citizen

  6. Big Bang Festival

    Experience a unique festival of musical adventures for children and families, with most shows being free and some requiring a nominal fee starting from $5.

    When: Feb 17, 11 am-5:30 pm; Feb 18, 10:30 am-5 pm.

    Where: National Arts Centre, 1 Elgin St.

    BIG BANG Festival | National Arts Centre

  7. PWHL Ottawa vs Minnesota

    Cheer on Ottawa’s professional women's hockey team against Minnesota.

    When: Saturday, Feb 17, at 2 pm.

    Where: TD Place, 1015 Bank St.

    PWHL Minnesota vs. Ottawa | Xcel Energy Center

  8. Ottawa Chinese New Year Fair

    Celebrate the Chinese New Year with dragon dances, traditional handicraft exhibitions, artistic performances, interactive games, and Chinese cuisine - all free of charge.

    When: Sunday, Feb 18, 10 am-4 pm.

    Where: Horticulture Building, Lansdowne Park, Princess Patricia Way.

    RBC CCAO's Ottawa Chinese New Year Fair 加拿大皇家银行中华会馆渥太华春节大庙会Tickets, Sun, 18  Feb 2024 at 10:00 AM | Eventbrite

  9. 7th Annual Harbour Harvest

    Join a family ice fishing derby to raise funds for local charities. Enjoy two rounds of trophies and cash prizes at 11:30 am and 3:30 pm, along with a Pancake breakfast. Tickets: $13, $18, or $47 (family of 4). $20 (at the door).

    When: Saturday, Feb 17, 8 am-3:30 pm.

    Where: Nepean Sailing Club, 3259 Carling Ave, Nepean.

    Harbour Harvest

As we wrap up this frosty journey through Ottawa's winter wonderland, we wish you a Family Day long weekend filled with warmth, joy, and cherished moments with your loved ones. May the laughter echo, the smiles linger, and the winter magic continue to weave its spell on your family time. From thrilling adventures to heartwarming experiences, may this long weekend be a delightful chapter in your winter tale. Happy Family Day, and here's to creating memories that melt away the winter chill and leave you with nothing but warmth and love. Until our next adventure, stay cozy and enjoy every moment!

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