Entry to Housing Market Feels out of Reach for 76% of Non-Owners: CIBC Poll

CIBC Poll Shows 76% of Non-Owners Struggling to Enter Housing Market

April 11, 2024 TruthUSA

A recent poll conducted for CIBC reveals that 76 percent of Canadians who do not own property feel that entering the housing market is unattainable.

The bank’s online survey, conducted in February, found that 70 percent of non-homeowners cited overpriced markets as one of the main obstacles to achieving their goal of homeownership, while 63 percent mentioned the inability to save for a down payment.

Additionally, the poll showed that 55 percent of non-owners believe they will only be able to afford a new home with an inheritance or gift from their family.

CIBC also highlighted the challenges faced by current homeowners dealing with higher interest rates. According to the bank, 51 percent of variable-rate mortgage holders stated they have been cutting back on everyday expenses, with 21 percent putting lump sum payments towards their mortgage.

Furthermore, 45 percent of homeowners with fixed-rate mortgages anticipate cutting back on daily expenses as their loans come up for renewal in the next two years.