Some Canadian homebuyers tune out tariff noise as trade war rumbles on
That’s according to Ottawa-based Smart Debt Mortgages broker Chris Allard (pictured top), who told Canadian Mortgage Professional many clients were still determined to push ahead with their purchase plans even with no end to the trade dispute in sight.
“I get the perception that people have largely tried to tune out some of the news and keep a positive mindset,” he said. “But there’s no doubt that everyone’s aware of what’s happening, and they’re aware that rates are rising and there’s significant concern for that.
“Now, the commentary that I often hear from borrowers, and this is true, is we see when Trump speaks now, the markets don’t automatically go up or automatically go down right away. And so that translates into the conversation that we’re having with our clients because they’re now recognizing that maybe it’s just a bunch of noise.”
Borrowers are still cognizant of the impact a big, unexpected development in the trade war would have for the economy and their plans – but they’re equally focused on making their mortgage work and optimizing their financial picture to move forward with their deal, Allard said.
“They’re trying to just look at their personal budget and try to make an educated decision based on the current environment rather than predicting if home values are up or down or rates are up or down,” he said. “They’re going, ‘What are my payments now? Am I comfortable now? And do I have a safety net?’”
