76% of non-homeowners in Canada feel the housing market is out of reach due to overpriced markets and difficulty saving for a down payment.
76% of non-homeowners in Canada, according to a recent CIBC poll, feel that entering the housing market is out of reach, with overpriced markets (70%) and difficulty saving for a down payment (63%) cited as the main barriers. Almost half (55%) of non-owners believe they can only afford a home with an inheritance or family gift. Current homeowners also face challenges due to higher interest rates, with 51% of variable-rate mortgage holders cutting back on everyday expenses.
April 11, 2024
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