A survey has found home ownership is now out of reach for about three-quarters of Canadians.
Housing prices have hit an all-time high and are rising in all corners of the country with no end in sight, making home ownership increasingly difficult for many Canadians….that according to Manulife Bank’s bi-annual Debt Survey.
The survey found, 75 per cent of those who do not own a home want to, but can’t afford to.
67 per cent worry about housing prices in their local community, suggesting they believe they might have to move away if they decide they want to buy a new home.
Seven out of ten Canadians who do not own a home worry about saving up for one.
“With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” said Rick Lunny, President and CEO, Manulife Bank.
The survey also found, Generation Z and Millennials are much more likely to report having purchased a new home during the pandemic, but many noted they owe it to their parents.
Looking to the next generation, 85 per cent of those who have young children are worried about the future affordability of real-estate, when their children are ready for home ownership.
More than half of Canadians surveyed with mortgages worry about making their mortgage payments.
“Our survey findings show 72 per cent of Canadians admit they do not have a written financial plan and just 35 per cent of those who are in debt have established a strategy to repay their debts,” said Lunny. ”
The Manulife Bank of Canada poll surveyed around 2000 Canadians in all provinces between ages 20 and 69 between April 30 and May 4, 2021.
