The hot housing market is taking its toll on renters and Canadians preparing for retirement.
A recent survey from Canada Life reveals current market conditions are changing people’s homeownership plans.
It found that high real estate prices are not only preventing many renters from entering the housing market, but they’re also causing current homeowners to feel house poor.
Forty-five per cent of respondents who rent will either continue renting indefinitely or aren’t sure when they will buy.
Sixty-four per cent said new homeowners will need financial support from others to buy their first home.
Of those who have provided financial support towards a down payment, about one-in-three will need to modify their retirement plans or postpone home renovations.
The survey also found that Canadians aged 25 to 29 are two times more likely to never purchase a home or continue renting indefinitely compared to those aged 30 to 49.
Canada Life conducted an online survey of 1,572 Canadians between May 5 and 11.
