Homeownership is a bedrock or foundational piece of building personal wealth. It is so important, more than half of Canadians planning to purchase would consider moving to another province or even another country in order to fulfill that dream.
The latest BMO Bank of Montreal Financial Progress Index paints a challenging picture for those looking to acquire their first home. In fact, more than half believe they have missed their window of opportunity to make homeownership a reality.
The largest factor getting in the way of buying a house is interest rates. Two-thirds rate this as the number one obstacle they have to overcome with four-in-ten saying if they can find a rate below three-percent that may provide enough comfort to pull the trigger on a transaction.
But then there’s the matter or a downpayment.
Nearly half of homeowners say they couldn’t have done it without financial help from family. Roughly an equal number of parents and grandparents are prepared to help with a downpayment or by contributing to a First-Time Homeowner Account.
