Canadians remain bullish on homes despite a challenging economic environment, a new survey has found. Online personal finance resource NerdWallet released a new survey in March that found 54 per cent of the more than 1,000 respondents stated they plan to buy a home in the next five years. Read More
NerdWallet survey shows increase in intention to buy homes, with affordability being the biggest headwind.
NerdWallet survey shows increase in intention to buy homes, with affordability being the biggest headwind.
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Canadians remain bullish on homes despite a challenging economic environment, a new survey has found. Online personal finance resource NerdWallet released a new survey in March that found 54 per cent of the more than 1,000 respondents stated they plan to buy a home in the next five years.
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That’s up from the same survey a year ago when 49 per cent indicated they’d be jumping into the housing market within five years.
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Still, many respondents in the most recent poll indicated they face economic challenges that could prevent them from purchasing a home.
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Noon News Roundup
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A lack of affordable homes was the top headwind at 25 per cent of those surveyed. Digging into affordability challenges, 30 per cent cited the high cost of living, while 19 per cent indicated saving for a down payment was problematic. More broadly, the current overall economic climate was a barrier for 12 per cent of respondents.
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Of those planning to buy in the next five years, 79 per cent plan to use a down payment. Yet only 62 per cent have actually begun saving. The study also found that non-homeowners face the biggest obstacles at 87 per cent, compared with 61 per cent of homeowners noting challenges. Both groups cited the high cost of living as the key barrier at 38 and 25 per cent, respectively.
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The study also asked about attitudes toward homeownership, finding 74 per cent stated that owning a home remains a smart investment. That said, nearly three in five noted too much societal pressure to own a home in Canada.
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