Entry to Housing Market Feels out of Reach for 76% of Non-Owners: CIBC Poll

A new poll done for CIBC says 76 percent 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 percent of non-owners cited overpriced markets as one of the main barriers to achieving their homeownership goal, while 63 percent cited the inability to save for a down payment. The poll also found that 55 percent 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....