Many Canadians feel owning a house is becoming more and more of a long shot for them.
According to a recent survey from Manulife Bank, 75 per cent of Canadians who do not own a home want to but can’t afford to, while 71 per cent of Canadians who do not own a home worry about saving for one, and 39 per cent worry about this frequently.
Additionally, 51 per cent of homeowners with mortgages worry about making their payments, and 33 per cent of those who own a home admit they needed help from their parents when purchasing their first–this includes 47 per cent of generation Z homeowners and 46 per cent of millennial homeowners.
Further, 61 per cent of respondents report their cost of living has increased over the last year.
While many feel like a house is out of their price range now, those with children are even more concerned for the future–85 per cent of parents of small children are worried about the declining affordability of real estate in the future when their children will be looking to buy a home of their own.
“With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” Rick Lunny, president and CEO of Manulife Bank.
“Although this can be an effective short-term solution, it can actually be exacerbating the problem. That’s why it’s so important to have financial flexibility, especially when it comes to purchasing a home, no matter the financial environment,” he continued.