Nearly half of all Canadians who rent say they will continue to do so indefinitely, and do not know if they will ever be able to enter the housing market, a new survey shows.
According to the survey by insurance firm Canada Life, renters said that they lacked the cash to buy, and said that there was fear and uncertainty at play. Almost three-quarters of respondents said that it was a bad time to buy a house, and 17 percent said that they believe they will never own a home.
Over ninety percent of renters said that buying a home was getting harder every year, and 89 percent said that coming generations will experience even more difficulty entering the housing market.
Nearly 80 percent of respondents said that home ownership is a good investment, yet 64 percent said that they don't believe they will be able to buy a home unless are given support from family members.
The survey said that Canadians ages 25 to 29 are twice as likely to say they are renting indefinitely compared to those ages 30 to 49.
There does appear to be some slight reason for optimism, with the housing market cooling off and home sales dropping by 22 percent in May compared with last year. But it's not enough for renters to feel confident enough to buy a home as inflation continues to roar, and interest rates continue to impact funds, said Paul Orlander of Canada Life.
"These factors will likely have Canadians continuing to see homeownership as increasingly challenging," he said in an interview with The Canadian Press.
Homeowners are also feeling the squeeze, with 24 percent of respondents saying that they feel house poor, someone who has little to no money left over after each month of paying home-related bills.
With interest rates rising, more and more homeowners could feel the crunch as mortgage payments increase.
Canada's inflation rate saw a 7.7 percent increase in May, the highest in nearly 40 years.
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