Are Canadians ready to have their own homes?
Surveys have shown the mood of local residents.
Buying a house in Canada is not easy. You need to explore the market, analyze prices, calculate mortgages. Very often, after finding out all the details, Canadians do not dare to take this step. A recent survey showed that there are many people like this.
According to a recent Ipsos poll, 63% of Canadians who don't own their home have given up on the idea of owning one. Last year's survey showed the same data.
Also, 76% of respondents said owning a home is the best investment they can make today, and one in ten said only the wealthy ones can afford it.
71% of survey participants said that high interest stop deters them from purchasing housing. Because of this, the country continues to have reduced demand for homes. The last time the Central Bank of Canada raised the rate was from 4.25% to 4.5% on December 7, 2022. On April 12, the Bank of Canada left the rate unchanged.
"Despite the fact that we’ve had a softening of housing prices over the last year and that interest rate increases have leveled and are perhaps going to be hopefully going down soon, attitudes have not changed," said Sean Simpson, senior vice president of Ipsos.
Recently we published an extensive piece on how Canadian mortgages work. You can learn about all the features, interest rates, and payment terms by following this link.
The full article is only available to members of the Immigrant.Today community. Log in to your account to read it for free.
