Potential rising interest rates are reported as the top hurdle to home ownership (Getty Images/SolStock)
Home ownership is often a life goal for Canadians but breaking into the market continues to be a distant reality for many, according to CPA Canada’s latest research.
In The Housing Headache study*, 53 per cent of those polled owned a home, while 45 per cent rented or leased. Of those currently renting or leasing, half (50%) think it is unlikely that they will purchase a home in the future. “Home ownership remains a priority for many yet what it takes to get there is becoming increasingly challenging,” says Doretta Thompson, CPA Canada’s financial literacy leader.
Just 21 per cent of non-homeowner respondents believe that it is very likely they will own a home one day, and 29 per cent say it is somewhat likely.
THE BARRIERS TO BUYING A HOME