Buying a home is a priority for two\u002Dthirds, or 67%, of Canadians despite rising interest rates and home prices. Find out more.
anytime soon and are prepared to raise them further if inflation persists.
The report advised homebuyers to use their purchasing timeline to inform their savings strategies for a down payment. For example, those who plan to wait a little longer to buy a home have more time to save money and build their credit score, although they may have to deal with higher home prices by the time they’re ready to buy.Article content
The good news is that 76 per cent of Canadians who intend to purchase a home and use a down payment in the next five years have already started saving. The amount of savings varies, ranging from less than $5,000 to more than $100,000 . Still, that leaves 24 per cent who have not yet started saving for their planned future home and will likely be shut out of the market. Homeownership is currently out of reach for the 52 per cent who plan to use a down payment to buy within the next five years, but do not currently have $20,000 saved for it, according to the survey.
It’s not just non-homeowners who are struggling to acquire property as homeowners are facing many of the same obstacles. Indeed, 70 per cent of non-homeowners and 57 per cent of homeowners indicated that something is currently preventing them from buying a first or next home.Article content, lack of homes for sale in the areas they want to live in and the current economic climate .
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