Most Canadians Say Home Ownership Unattainable Despite Rates Cut: Poll

Despite the Bank of Canada’s decision to drop interest rates, it’s not enough for most Canadians to get into the housing market, according to a recent poll. On June 4 the Bank of Canada dropped its key interest rate by 0.25 percent from five percent to 4.75 percent. It was the first cut in four years. However, in a June 11 survey by polling firm Ipsos, eight in 10 (82 percent) of respondents said that even if interest rates drop further, homeownership will still be unattainable for them. Sixty-two percent said they’ve given up on ever owning a home. Seventy-eight percent of Canadians said that owning a home is now “only for the rich” while 63 percent said they will continue to stay on the sidelines of the housing market and won’t buy or sell a home because of high interest rates....