Canadians are determined to make their dreams of homeownership a reality, not only for themselves but also for future generations.
Despite the ongoing challenges of housing affordability in Canada, owning a home remains a significant aspiration and a point of pride for many Canadians.
Carissa Lucreziano, Vice-President of Financial and Investment Advice at CIBC, emphasized the significance of assisting children in saving for a home while considering its impact on personal finances. Merely 31% of respondents felt that they had found their "forever home." Among all homeowners, 30% say they are likely to take advantage of the newly available multi-generational home renovation tax credit over the next five years.
Prospective homeowners taking action to save for home ownership Despite concerns surrounding housing affordability, Canadians continue to proactively save for their dream homes. Prospective homeowners are employing various strategies, including reducing spending , establishing monthly budgets , delaying major expenses , adjusting home-buying expectations , and seeking additional work or overtime .
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