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A recent CIBC poll reveals that a significant portion of Canadians, 76%, who currently do not own property perceive entering the housing market as unattainable. Despite this sentiment, a majority, 56%, still hold onto the dream of homeownership, albeit only 28% are actively saving for a down payment. The primary deterrent for non-homeowners appears to be the exorbitant prices in the housing markets, cited by 70% of respondents, with 63% indicating their inability to save as a major barrier.

Carissa Lucreziano, vice-president of financial planning and advice at CIBC, emphasizes the nationwide challenge of housing affordability and the need for guidance to realize the homeownership dream. An overwhelming 80% of surveyed individuals express the necessity for advice to navigate the complexities of the housing market, indicating a widespread desire for assistance in overcoming financial hurdles.

Moreover, homeowners are implementing various strategies to manage their mortgage payments effectively. Variable rate mortgage holders are reducing spending on everyday items (51%) and making lump sum payments (21%), while fixed-rate mortgage holders are preparing for renewals by considering expense cutbacks (45%) and shopping around for better rates (34%). Additionally, alternative approaches to homeownership are gaining traction, with 48% of Canadians contemplating moving outside major cities for better affordability and 26% open to the idea of purchasing property with friends to alleviate financial burdens.

Read the full article on: REAL ESTATE MAGAZINE