Friday, September 12, 2025

Latest

Homeownership Feels Out of Reach for Many Canadians

A new CIBC survey reveals that 76% of Canadians who don’t own a home feel that buying a property is unattainable. The poll shows that the majority of non-homeowners are struggling to save for a down payment, with 63% citing this as a major barrier.

The survey comes as the federal government announced measures to help first-time buyers. Starting April 16, the maximum amount that can be withdrawn from RRSPs for a home purchase will increase from $35,000 to $60,000. Additionally, first-time buyers of new-build homes will be able to secure 30-year amortization periods on insured mortgages.

However, the CIBC poll suggests these steps may not be enough to address the affordability crisis. Over 70% of non-owners said they were priced out of the market entirely.

The survey also found that high interest rates are taking a toll on existing homeowners. Half of those with variable-rate mortgages have been cutting back on expenses, while 45% of fixed-rate mortgage holders anticipate similar cutbacks when their loans come up for renewal.

With the path to homeownership appearing increasingly difficult, the poll found that 55% of non-owners are relying on family support, such as inheritances or gifts, to afford a home. One in four are even considering buying with friends to make it work.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Rocket Mortgage Launches 1% Down Home Loan Program

Rocket Mortgage (NYSE: RKT) has launched a new 1% down home loan program called ONE+....

Wednesday, May 24, 2023, 03:53:00 PM

Canada’s Housing Affordability Nightmare: Why The Crisis Persists Despite Market Correction

Canada’s housing affordability problem continues to persist despite a significant correction in home prices, BMO...

Sunday, June 11, 2023, 09:00:00 AM

Rumors of a Home Equity Surtax Resurface Ahead of the Elections

A proposed surtax on home equity for properties valued over $1 million has recently gained...

Monday, July 8, 2024, 08:02:00 AM

No, The Ban On Canada’s Foreign Real Estate Buyers Seems Rather Practical

Despite the loosely assembled mechanics of the ban on foreign ownership of Canadian housing, it...

Tuesday, February 27, 2024, 11:15:00 AM

Rent Spikes Are Driving Canadians Out Of Their Homes

With vacancy rates in Vancouver and Toronto at 0.9% and 1.7%, respectively, and rental costs...

Monday, February 27, 2023, 02:21:00 PM