A new survey by Royal LePage reveals that 25% of Canadian renters are determined to buy a home within the next few years, despite facing significant financial obstacles. High home prices and rising interest rates have made the prospect of homeownership daunting, yet the dream remains strong among many renters.
The survey highlights that affordability is the main hurdle for these aspiring homeowners. Many are struggling to save for a down payment due to high rental costs and other living expenses. Additionally, the increasing cost of borrowing money has added another layer of difficulty.
Despite these challenges, the desire to own a home is driven by several factors, including the need for stability, the potential for property value appreciation, and the personal satisfaction of owning a home. Many renters believe that owning a home is a key milestone and a solid investment for the future.
Royal LePage's findings underscore the importance of financial planning and support for first-time homebuyers. The report suggests that government initiatives aimed at improving housing affordability and providing financial assistance could play a crucial role in helping more Canadians achieve their homeownership dreams.
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