CIBC survey highlights home ownership challenge image credit: shutterstock

A new CIBC poll finds that entry to the housing market feels out of reach for the majority (76%) of Canadians who don’t own property. Yet half of all non-owners (56%) say they are still holding on to the goal of one day owning their own home.

Among non-owners, overpriced markets (70%) and the inability to save for a down payment (63%) are cited as the main barriers to achieving their homeownership goal. At the same time, only 28% of non-owners say they are currently saving for a down payment.

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“Housing affordability is a challenge across the country. Many Canadians could use guidance on how to make their homeownership dream a reality,” said Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC.

“About 80% of those we surveyed said they need advice to help them navigate the market. Working with a trusted advisor can help prospective buyers get a clear picture of their financial situation through customised planning and recommendations, providing a realistic pathway to achieving their homebuying ambitions.”

Current homeowners are making adjustments to manage their mortgage payments

Homeowners indicate they are taking prudent steps to manage mortgage payments now and down the road. Half of variable rate mortgage holders (51%) say they’ve been cutting back on everyday expenses. Some 21% are putting lump sum payments toward their mortgage.

Meanwhile, the majority of homeowners with fixed rate mortgages are preparing themselves as their mortgages come up for renewal in the next two years. Many (45%) of them anticipate they’ll cut back on daily expenses, while 34% say they plan to shop around for the best rates.

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Other Key CIBC Findings

  • 55% of non-owners say they’ll only be able to afford a new home with an inheritance or gift from their family.
  • 48% of Canadians are considering moving outside a major city to get more for their money.
  • 26% of Canadians say they would consider buying a home with friends to afford homeownership.

The Canadian housing crisis is an issue exercising the minds of the entire banking sector. Earlier this week, RBC released a research report setting out a number of proposal to address Canada’s housing shortage.