BMO came out last week saying 67% of Canadians are waiting for lower rates before buying a home. It's like a newbie poker player convinced they'll be dealt a royal flush if they wait just long enough.
But is this collective hesitation economic brilliance, or merely financial wishful thinking?
Apart from the facts that...
- market timing is a crapshoot
- rates could escalate in the meantime, and
- holdouts might find themselves in a bidding frenzy with fellow hesitators when sentiment shifts...
...there's another vital truth people are missing.
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