The poll found that most recent first-time homebuyers are buying previously owned homes vs.
Some homeowners expressed regret about the timing of their house purchase with 37 per cent wishing they had bought their home when mortgage rates were lower and 30 per cent wishing they had sold their home during the recent housing market peak. Only 31 per cent of people polled say they are in their "forever home." Among all homeowners, 30 per cent say they are likely to take advantage of the newly available multi-generational home renovation tax credit over the next five years. Given the current housing market, 66 per cent of homeowners say they are likely to stay in their home longer than expected, with 40 per cent saying they may consider selling their home when economic conditions stabilize. "Being able to help your children save for a home is a great gift, however you need to be aware of how it can impact your own finances such as effectively managing your cashflow, paying down your own debt or saving for retirement."Ĭurrent homeowners are not looking to move anytime soon "Many Canadians recognize that homeownership could be out of reach for their children, unless they have help with a down payment," said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC.
Most mortgage holders (82 per cent) and renters (64 per cent) are concerned about how inflation and rising rates will affect their ability to make mortgage payments or keep up with rental costs. Owning a home remains a top goal for many non-homeowners (71 per cent).
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