Just because it is getting harder doesn’t mean we don’t want it. That sentiment is captured by the latest CIBC poll of Canadians who were asked about their home ownership aspirations.
They still want to own a house, even if it is getting more expensive as interest rates rise.
Almost three-quarters of those who are not home owners but answered the survey said they aspire to owning a house. But even those who are owners – about 80 per cent of them – are worried about rising mortgage costs and their ability to afford ownership. For renters the story is much the same – about 60 per cent say they don’t know if they will be able to keep making rent payments which are being driven higher by rising interest rates.
A large percentage of those who participated in the survey offered up a ‘woulda-shoulda-coulda perspective. They wish they had bought when interest rates were lower or sold when market prices peaked. As a result, almost half say they plan to stay in their current homes longer than originally anticipated.
