- A new poll by Canadian Imperial Bank of Commerce (TSX:CM) found that 76 per cent of responders consider homeownership to be unattainable, but 56 per cent are still saving for it
- 70 per cent say markets are too overpriced while 63 per cent can’t save for a down payment
- 55 per cent of non-owners say they’ll only be able to afford a new home with an inheritance or gift from their family
- CIBC stock last traded at C$67.16 per share
Buying a home feels out of reach for most Canadians who don’t own property, yet half of non-owners still hold onto that goal.
This comes from a new poll by Canadian Imperial Bank of Commerce (TSX:CM) that found 76 per cent of responders consider homeownership to be unattainable, but 56 per cent are still saving for it.
The main barriers to achieving homeownership? Seventy per cent of those who responded say it’s overpriced markets while 63 per cent can’t save for a down payment. At the same time, only 28 per cent of non-owners say they are currently saving for a down payment.
Those who own their homes are also taking steps to manage mortgage payments. Fifty-one per cent of variable rate mortgage holders say they have been cutting back on everyday expenses, while 21 per cent are putting lump sum payments towards their mortgage.
Meanwhile, most homeowners with fixed rate mortgages are preparing themselves as their mortgages come up for renewal in the next two years. Forty-five per cent of them anticipate they’ll cut back on daily expenses, while 34 per cent say they plan to shop around for the best rates.
More highlights from the Maru Public Opinion survey undertaken for CIBC:
- 55 per cent of non-owners say they’ll only be able to afford a new home with an inheritance or gift from their family
- 48 per cent are considering moving outside a major city
- 26 per cent say they would consider buying a home with friends to afford homeownership
“Housing affordability is a challenge across the country and many Canadians could use guidance on how to make their homeownership dream a reality,” CIBC’s vice-president, financial planning and advice, Carissa Lucreziano, said in a news release. “About 80 per cent 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 customized planning and recommendations, providing a realistic pathway to achieving their homebuying ambitions.”
Canadian Imperial Bank of Commerce offers a range of advice, solutions and services across Canada, in the United States and around the world.
CIBC stock last traded at C$67.16 per share.
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