A record-high number of Canadians don’t believe they will have their own home someday

The latest poll by Mortgage Professionals Canada shows that amid high real estate prices and interest rates growth, a record number of Canadians don’t believe they will be able to buy their own home someday.

Almost a third of respondents share this opinion.

“The sharp decrease in affordability, supported by high home prices and high interest rates, is the main reason why Canadians’ view towards homebuying changed so drastically,” – the report noted.

“The poll says a record-high number of non-owners (33%) think they will never be able to buy a family home. The number rose by 8% in just six months and showed an annual increase of 15%.”

In addition to it, Canadians are becoming more anxious about inflation: 60% of respondents are worried about how it will affect their financial situation, which is 20% higher than six months earlier.

The central bank’s next rate meeting is scheduled for this Wednesday.

Although economists surveyed by Bloomberg are expecting the Bank of Canada to keep its key lending rate unchanged at 4.50%, consumers worry about how future rate increases could affect their ability to pay for their mortgages.

According to the report, almost 47% of respondents say a rate hike of up to 20% would lead them to mortgage payment difficulties.

Moreover, many new homeowners are also facing difficulties with making their mortgage payments: 14% of first-time buyers say it’s difficult for them to keep making their monthly payments.

If you are feeling the pain of rapidly rising mortgage rates and payments, please don’t wait until the last minute when you can’t pay your mortgage payment. Call us or your bank to discuss options to improve your situation or find a temporary solution to help you get through difficult times.