Half of Canada’s non-homeowners believe they may never own a home


Perceived barriers include rising borrowing costs, affording a down payment and housing availability in the desired area.

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Millions of Canadians appear to believe homeownership is out of reach with a new report finding more than half of non-homeowners surveyed indicating they are unlikely to be able to afford a home.

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Titled Housing Headache, the survey released by the Chartered Professional Accountants of Canada (CPA Canada) late last month revealed 53 per cent of respondents, who did not already own a home, believe it is unlikely they will ever be able to purchase one.

At the same time, among those who believe they will eventually purchase a home, just one in five believe it is ‘very likely,’ while about one in three indicated it is ‘somewhat likely.’

Perceived barriers to entry include higher borrowing costs with 89 per cent of respondents noting this is a problem.
Affording a down payment was also cited as an obstacle among 84 per cent of those surveyed, while 83 per cent indicated availability of housing in their desired area to live was problematic. Income instability was another concern for 69 per cent of respondents.

Rounding out the list of challenges was affordability with 81 per cent of those surveyed stating property taxes and mortgage payments were problematic.

The study also looked at gender differences, finding women were more likely than men to view home ownership more challenging. Regarding rising borrowing costs, for example, 93 per cent of female respondents noted this was problematic compared with 85 per cent of men.

The CPA Canada report also revealed that 31 per cent of parents with adult children still had their kids living at home because housing is too expensive.

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