Eight interest rate hikes in less than a year have left thousands of Canadians feeling like homeownership is out of reach for now — and maybe even forever.
The Saint John-area physician support worker, who works a second job as a waitress, made it her goal in 2020 to buy a house in her nearby hometown of Rothesay. At the time, she moved in with her parents and a year later, with her savings and a $250,000 loan, she began her search. The 27-year-old has been staying with her parents since moving to the city with her 10-year-old daughter and four-month-old son after leaving an abusive relationship in Guelph, Ont.“It would be nice, but the way that it’s looking with the economy … I don’t think that’s a possibility, especially in London,” she said.
The 30-year-old startup founder, who lives with her parents in Barrie, Ont., was applying for the pizza chain gig because, despite decent savings, she found herself struggling to get into Toronto’s rental market. “I would love to be able to buy now, but I don’t think it’s a good idea with what is coming,” the 33-year-old photographer and urban farmer said.He said he is looking to purchase his first property in the city but is also considering the option of buying further away, in the suburbs, and perhaps even flipping a home.
However, he said it’s just been a series of failed competing offers in a high-demand and low-inventory market.