Most Canadians still plan to buy a home even amid today’s affordability issues

The latest poll by NerdWallet shows that most Canadians still want to purchase property even amid growing home prices and interest rates.

Homeownership is a priority for 67% of Canadians. Moreover, 43% of all respondents are planning to buy a home during the next five years, the report says.

However, Canadians still face numerous obstacles on their way to homeownership, including rising interest rates and high real estate prices.

The report says 24% of those planning to use a down payment for their home purchase, haven’t started saving for it yet.

“Homeownership may not be a realistic goal for many willing buyers, but their time horizons point to a practical understanding of today’s real estate market conditions,” – the report noted.

According to NerdWallet, millions of buyers will be pushed out of the market because of insufficient funds for their down payment.

The survey says 34% of respondents want to buy a home because they consider it a good investment. Meanwhile, 20% want a home to pass down to their children in the future.

Extra space and planning for the future were also named among other reasons for buying a property.

The respondents aged 18 to 34 y.o. showed the strongest desire (37%) to enter the real estate market during the next three years, followed by the 35-44 age group (36%).

At the same time, only 9% of Canadians aged 55+ plan a house purchase in the next three years.