A new poll done for CIBC says roughly three-quarters of Canadians who don't own a property say entry to the housing market feels out of reach. A new home is displayed for sale, in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean KilpatrickA new poll done for CIBC says 76 per cent of Canadians who don't own a property say entry to the housing market feels out of reach.
The bank says the online survey done in February found that 70 per cent of non-owners cited overpriced markets as one of the main barriers to achieving their homeownership goal, while 63 per cent cited the inability to save for a down payment. The poll also found that 55 per cent of non-owners said they'll only be able to afford a new home with an inheritance or gift from their family.The bank says 51 per cent of variable-rate mortgage holders polled said they've been cutting back on everyday expenses, while 21 per cent are putting lump sum payments toward their mortgage.
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