The
"But rates have a long way to fall still before affordability is restored to recent norms," he said in a release on Monday.
Other financial concerns such as inflation and the high cost of living are also holding many back from buying homes this year, the BMO survey suggested.
The survey of 2,500 respondents was conducted by Ipsos from
While 62 per cent of respondents believe owning a home is one of their biggest aspirations in life, more than half think it is unattainable amid the financial strains and economic conditions.
The survey also shows 85 per cent of respondents say they're making real financial progress toward buying their first home but face financial anxiety. Among the top concerns were unexpected expenses, climate considerations such as wildfires and the high costs of homeownership.
Despite the economic and market challenges, many young Canadians are preparing to embark on their homebuying journey and enter the real estate market for the first time, said
This report by The Canadian Press was first published
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