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.
The bank says 51 percent of variable-rate mortgage holders polled said they’ve been cutting back on everyday expenses, while 21 percent are putting lump sum payments toward their mortgage.
Meanwhile, 45 percent of homeowners with fixed-rate mortgages anticipate they'll cut back on daily expenses as their loans come up for renewal in the next two years.
