The Financial Post reports in its Friday, April 12, edition that a recent survey by CIBC found that the dream of owning a home is out of reach for most non-homeowners in Canada. The Post's Shantae Campbell writes that according to the survey, while 56 per cent of non-homeowners aspire to own a home one day, 76 per cent of them feel like it is an unattainable goal. The survey identified the major obstacles hindering prospective buyers, with 70 per cent citing overpriced markets and 63 per cent pointing to the inability to save for a down payment as significant barriers. Additionally, only 28 per cent of non-owners are currently saving toward buying a home.
The survey suggests that many Canadians require guidance on how to make their dream of home ownership a reality. CIBC's vice-president of financial planning and advice, Carissa Lucreziano, stated in the report that "housing affordability is a challenge across the country, and about 80 per cent of those we surveyed said they need advice to help them navigate the market." The survey also revealed that 55 per cent of non-owners believe they will only be able to afford a new home with an inheritance or gift from family.
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