Entry to housing market feels out of reach for 76% of non-owners: CIBC poll

A 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.

CIBC says current homeowners are also facing challenges as they deal with higher interest rates.

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.

Meanwhile, 45 per cent of homeowners with fixed-rate mortgages anticipate they’ll cut back on daily expenses as their loans come up for renewal in the next two years.