{"id":22732,"date":"2023-07-04T06:00:00","date_gmt":"2023-07-04T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22732"},"modified":"2023-06-27T13:35:16","modified_gmt":"2023-06-27T17:35:16","slug":"spring-survey-2023-interest-rates","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/spring-survey-2023-interest-rates\/","title":{"rendered":"Survey Reveals 71.3% of Canadians Experience Adverse Effects of Increasing Interest Rates"},"content":{"rendered":"\n<p>The Bank of Canada will announce next week whether or not it will hike interest rates further, causing many variable rate holders and mortgage rate shoppers to feel uncertain. The <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">previous rate hike<\/a> brought the overnight rate to 4.75% and came after an optimistic pause earlier in the year, however, with inflation and consumer spending rising, it\u2019s expected another hike is coming this year, and maybe even this month, to achieve the Bank of Canada\u2019s inflation goal of 2%.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>These changing rates have already impacted the housing market, especially in Ontario and British Columbia where <a href=\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">major markets saw significant dips in average home prices<\/a> since the rate hikes began in 2022. However, home prices have rebounded in much of the country and with interest rates on the rise, affordability is shrinking for prospective buyers.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/what-500-thousand-dollars-can-buy-canada\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Exploring Real Estate: What Can $500k Get You Across Canada?<\/strong><\/a><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>In a <a href=\"https:\/\/www.zoocasa.com\/blog\/zoocasa-spring-survey-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">recent survey of more than 1,200 Zoocasa readers<\/a>, the majority of respondents said that the Bank of Canada\u2019s decision to hold interest rates in April had a positive impact on their interest in the real estate market. This positive impact resulted in <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-may-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">national home sales rising month-over-month by 5.1%<\/a> in May and average prices increasing in nearly every major market.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"472\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-750x472.png\" alt=\"\" class=\"wp-image-22733\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-750x472.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-300x189.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-768x483.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-1536x967.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1-2048x1289.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-1.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>It\u2019s unclear yet exactly how the Bank of Canada\u2019s June rate hike affected the market, but it is clear that prospective homebuyers and homeowners with variable rates aren\u2019t looking forward to another increase. In the same Zoocasa survey conducted this spring, 71.3% of respondents said that if the Bank of Canada announces another increase to the overnight lending rate later this year it would negatively impact their interest in real estate.&nbsp;<\/p>\n\n\n\n<p>Of those who responded that were currently shopping for a mortgage pre-approval, 31.9% were interested in a fixed-rate and 20.4% were interested in a variable rate. With rates potentially increasing again, this will have a major impact on those shopping for or with existing variable-rate mortgages.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"472\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-750x472.png\" alt=\"\" class=\"wp-image-22734\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-750x472.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-300x189.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-768x483.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-1536x967.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3-2048x1289.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-3.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"472\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-750x472.png\" alt=\"\" class=\"wp-image-22735\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-750x472.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-300x189.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-768x483.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-1536x967.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2-2048x1289.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Graphs-2.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<p>Still, those who are interested in buying will likely not be completely deterred by the prospect of rising interest rates, it may just slow down their plans. Though 63.6% of respondents said they didn\u2019t expect housing to become more affordable within the next year, 67.4% said they are still looking to buy a home in the near future.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/mortgage-pre-approval-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get the Edge in Real Estate: Preparing for Rising Rates with a Mortgage Pre-Approval<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The majority of respondents are planning to wait more than 7 months before making a home purchase, with 62.9% planning to wait a year or longer, suggesting there is some hesitancy among buyers to enter the market now. Sellers showed similar hesitation, as 41.9% of respondents said they plan to sell a home in the near future and 73.4% said they were planning to wait at least a year or longer. Without sellers adequately supplying the market with new inventory, low supply will be a long-lasting issue.&nbsp;<\/p>\n\n\n\n<p>Need help navigating the ever-changing Canadian real estate markets? We\u2019re here for you! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to speak to an expert agent in your city.&nbsp;&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Thinking of entering the summer market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada will announce next week whether or not it will hike interest rates further, causing many variable rate holders and mortgage rate shoppers to feel uncertain. The previous rate hike brought the overnight rate to 4.75% and came after an optimistic pause earlier in the year, however, with inflation and consumer spending [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[76,1111,172],"tags":[],"class_list":["post-22732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-canada","category-mortgage-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Survey Reveals 71.3% of Canadians Experience Adverse Effects of Increasing Interest Rates | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Discover the results of a recent survey indicating that a significant majority of Canadians, 71.3% to be exact, are feeling the negative impact of rising interest rates. 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