Prospect Of Home Ownership Dims

Despite historically being one of the top life goals for Canadians, the prospect of home ownership for non-owners remains far from reach, says a study by the Chartered Professional Accountants of Canada (CPA Canada). ‘The Housing Headache’ study found that half of Canadians who do not currently own a home believe it is unlikely that they will ever be able to purchase one. And, while the other half are optimistic about home ownership, only one-in-five (21 per cent) think it is very likely they'll enter the housing market, while 29 per cent think it is just somewhat likely. The study says the greatest challenge preventing renters from becoming owners is interest rates. Other hurdles cited include affording a down payment, affording renovations, housing availability, affording taxes and mortgage payments, and income stability. Women tend to be more likely than men to view home ownership considerations as a. And the housing headache persists for those who do own their homes. Many Canadians are struggling with the very things' renters identified as barriers to home ownership. Three-in-five homeowners say that affording necessary renovations is challenging for them, meanwhile, 46 per cent are struggling with the costs of basic home maintenance.