The survey, published on June 5, found over two-thirds or 68 per cent of Canadians plan to wait for lower rates before they purchase a home. It said half of Canadians are deferring their home purchases because of their concerns about the economy, while 20 per cent are no longer sure if or when they will buy a home at all.
Meanwhile, it said the majority of Canadians feel buying a home is more out of reach for them compared to their parents. Over 70 per cent of those aged 18 to 24 are most likely to have this outlook, followed by younger millennials at 69 per cent and older millennials at 65 per cent.have affected their decision to move, 18 per cent are holding off as a result of market uncertainty and volatility, the report said.
A different housing poll released by CIBC on the same day found that despite concerns about affordability, Canadians continue to see homeownership as an important goal and a great source of pride. With the current housing market, however, 66 per cent of current homeowners say they are not looking to move anytime soon and are likely to stay in their home longer than expected, the CIBC report said.
Only 31 per cent of people polled by CIBC say they are in their “forever home,” while 40 per cent say they may consider selling their home when economic conditions stabilize.with 37 per cent wishing they had bought their home when mortgage rates were lower and 30 per cent wishing they had sold their home during the recent housing market peak.Article content
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