Aspirations and Challenges: Canadians Hold onto Homeownership Dreams Amidst High Prices and Interest Rates

Two-thirds of Canadians still see themselves as future homeowners despite a housing market plagued by high-interest rates and unaffordable prices. The top four reasons for buying a home are that it's a good investment, having more space, having the ability to pass the property down to their children or future children, and having monthly housing payments go towards equity instead of rent. However, many Canadians aren't ready to start the homebuying journey, with only 5% planning to buy this year and 43% planning to purchase in the next five years. The Bank of Canada governor has advised homebuyers to use their purchasing timeline to inform their savings strategies for a down payment.

Original Article: https://vancouversun.com/executive/executive-summary/canadians-homeowners-rising-rates-home-prices/wcm/b9503ccd-e086-431b-8317-76aa659d2a06