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Entry to housing market feels out of reach for 76% of non-owners

Three out of four Canadians who haven't yet stepped into the realm of property ownership feel like purchasing a home is simply out of reach, according to a fresh poll.

Published on Thursday, a survey from CIBC reveals that a staggering 76 percent of Canadians who haven't taken the plunge into homeownership see it as a distant aspiration. However, despite this perceived distance, more than half of them are clinging to the hope of one day having a place to call their own.

The survey highlights that at least 70 percent of those who are not homeowners believe they've been priced out of the market. Additionally, 63 percent express the difficulty of accumulating enough savings for a down payment.

Coinciding with the release of this survey, the federal government has announced extended amortization periods for specific first-time homebuyers.

Finance Minister Chrystia Freeland disclosed on Thursday that first-time homebuyers purchasing newly constructed properties will now be permitted 30-year amortization periods on insured mortgages.

Moreover, Freeland unveiled a significant increase in the withdrawal limit from RRSPs for first-time homebuyers, raising it from $35,000 to $60,000, effective April 16, coinciding with the release of the federal budget.

The CIBC poll also sheds light on the financial strain experienced by many existing homeowners amidst elevated interest rates.

Half of homeowners with variable-rate mortgages report scaling back on everyday expenditures, while 21 percent have opted to allocate a lump sum toward their mortgage payments.

Additionally, approximately 45 percent of homeowners with fixed-rate mortgages anticipate tightening their belts on daily spending as their loans approach renewal within the next two years.

Furthermore, the survey indicates that 55 percent of non-homeowners believe they would only be able to afford a home with financial assistance from their family in the form of inheritance or gifts.

Interestingly, one in four non-homeowners is contemplating the idea of purchasing a home with friends as a means to make homeownership more feasible.

Conducted for CIBC in February by Maru Public Opinion, the poll was carried out in two phases among a random selection of Maru Voice Canada panelists.



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