Saturday, May 31, 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 Starting April 16, the maximum amount that can be withdrawn from RRSPs for a home purchase will increase from $35,000 to $60,000.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.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Fed Up with the Crisis: Study Finds That 70% of Canadians Want Housing to Go Down

A recent survey commissioned by Bloomberg News and conducted by Nanos Research has revealed that...

Wednesday, September 13, 2023, 02:13:00 PM

Mortgage Amortization, Illustrated

Mortgage amortization is the length of time it will take to pay off the entire...

Tuesday, December 13, 2022, 11:00:00 AM

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

Tenants Face Unexpected Tax Burden from Non-Resident Landlords

As if not being able to afford to buy a house wasn’t bad enough, a...

Monday, April 15, 2024, 03:47:00 PM

Federal Government Unveils Controversial Secondary Suite Financing Program

Canada’s Department of Finance has unveiled a change to mortgage insurance rules, set to take...

Wednesday, October 9, 2024, 10:04:52 AM