Most are holding onto their goal of one day owning a home, and pushing back timeliness citing pricing, unpredictability of interest rates, inflation and economy
Among non-owners, overpriced markets (70 per cent) and the inability to save for a down payment (63 per cent) are cited as the main barriers to achieving their homeownership goal. At the same time, only 28 per cent of non-owners say they are currently saving for a down payment.
"Housing affordability is a challenge across the country and many Canadians could use guidance on how to make their homeownership dream a reality," said
Homeowners indicate they are taking prudent steps to manage mortgage payments now and down the road. Half of variable rate mortgage holders (51 per cent) say they've been cutting back on everyday expenses, while 21 per cent are putting lump sum payments toward their mortgage.
Meanwhile, the majority of homeowners with fixed rate mortgages are preparing themselves as their mortgages come up for renewal in the next two years. Many (45 per cent) of them anticipate they'll cut back on daily expenses, while 34 per cent say they plan to shop around for the best rates.
- 55 per cent of non-owners say they'll only be able to afford a new home with an inheritance or gift from their family.
- 48 per cent of Canadians are considering moving outside a major city to get more for their money.
- 26 per cent of Canadians say they would consider buying a home with friends to afford homeownership.
These findings are from a Maru Public Opinion online survey undertaken exclusively for CIBC and fulfilled by the sample and analyst experts at Maru/Blue. The results were produced in two waves among a random sample of Canadian adults who are Maru Voice Canada panelists and then weighted to be representative of the Canadian adult population. Each probability samples of each size carry with them an estimated margin of error (which measures sampling variability). Wave 1 was among homeowners with either a fixed (n=154 +/-7.9%) or variable (n=131 +/- 8.6%) mortgage, and among those who intend to purchase a new home in the next two years (n=396 +/-4.9%) from
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and
SOURCE CIBC
© Canada Newswire, source