They say that owning a home was far from reach
Majority of Canadians who have yet to own a property express their pessimism about owning a home in the future, a recent CIBC poll found.
According to the survey, about 76% of Canadians who do not currently own a property stated that entering the housing market felt like it was out of their reach. Meanwhile, about 56% of them admitted that they were still holding on to their goal of owning a home one day.
“Housing affordability is a challenge across the country and many Canadians could use guidance on how to make their homeownership dream a reality,” said Carissa Lucreziano, vice president, financial planning and advice at CIBC.
Around 70% of the respondents who did not own a property said that overpriced markets were a huge factor that affected their ability to buy their own homes. Meanwhile, about 63% said that their inability to save enough money to afford a downpayment was what held them back from finally being a homeowner. However, only 28% of non-owners said that they were actually saving up for a down payment.
More than half of those who did not own a property said that they will only be able to afford a new house if they were given an inheritance or gift from their family members. About 26% also admitted that with the current economy, they were considering buying a home with their friends in order to afford homeownership.
“About 80% of those we surveyed said they need advice to help them navigate the market. Working with a trusted advisor can help prospective buyers get a clear picture of their financial situation through customized planning and recommendations, providing a realistic pathway to achieving their homebuying ambitions,” said Lucreziano.
The findings of the report were from a Maru Public Opinion online survey.
CIBC is a financial institution offering advice, solutions, and services across Canada, the US, and other parts of the world through its digital banking network.
