A recent survey conducted by the Canadian Imperial Bank of Commerce (CIBC) has highlighted a stark reality: a significant majority of Canadians who do not currently own property find the prospect of homeownership increasingly unattainable. Despite 56% of non-owners still harboring the aspiration to own a home one day, a whopping 76% believe this goal is out of their reach.
The survey identifies critical barriers that prospective buyers face in today’s market. High real estate prices are seen as the primary obstacle by 70% of respondents, while 63% are hindered by their inability to save enough for a down payment. Compounding the issue, only 28% of non-owners are actively setting aside money towards purchasing a home.
Carissa Lucreziano, CIBC’s Vice President of Financial Planning and Advice, notes, “Housing affordability remains a challenge nationwide, and many Canadians could benefit from professional advice to navigate this complex market.” Indeed, about 80% of survey participants expressed a need for guidance to realize their homeownership dreams.
Moreover, the survey uncovered that 55% of non-owners believe that only through an inheritance or a significant financial gift from family would they be able to afford a home. In a bid to make homeownership more achievable, 48% are considering relocating outside major urban centers to find more affordable housing options, and 26% are open to the idea of co-buying with friends.
Interest rates, though not the central focus of the CIBC poll, are evidently impacting market accessibility. Complementary data from a Royal LePage survey indicates that 56% of potential buyers have had to delay their purchasing plans due to the climbing interest rates. However, there’s a silver lining: 51% of those sidelined are ready to resume their home search should interest rates decrease, underscoring a persistent commitment to buying homes among Canadians.
As discussions around monetary policy and housing affordability continue, the aspiration for homeownership remains strong, suggesting a resilient but cautious optimism among Canadian homebuyers navigating a challenging economic landscape.
Source: Canadians feel homeownership is out of reach, CIBC poll finds | Financial Post
Canada Housing Market 
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