A new CIBC poll finds that 76% of Canadians who don’t own property feel that entry to the housing market is out of reach. Still, 56% are holding on to the goal of one day owning their own home.

Among non-property owners, 70% cited overpriced markets and 64% denoted the inability to save for a down payment as the main barriers to owning a home. Only 28% of non-owners said they are currently saving for a down payment.

Another 55% said they’ll only be able to afford a new home with an inheritance or gift from their family.

“Housing affordability is a challenge across the country and many Canadians could use guidance on how to make their homeownership dream a reality,” Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC, said in a statement, adding that about 80% of those surveyed said they needed advice to help them navigate the market.

As for homeowners, the survey found that they are making adjustments to manage their mortgage payments: 51% of variable rate mortgage holders surveyed said they’ve been cutting back on everyday expenses, while 21% said they are putting lump sum payments toward their mortgage.

The majority of homeowners with fixed-rate mortgages are getting ready for mortgage renewals within the next two years: 45% of those surveyed expect that they’ll cut back on daily expenses, while 34% said they plan to shop around for the best rates.

Other key findings suggest that 26% of Canadians say they would consider buying a home with friends to afford homeownership, and 48% of are considering moving outside of a major city to get more for their money. The latter might be particularly beneficial, as a recent study shows that major Canadian cities, like Vancouver and Toronto, are less affordable to live in compared to other major cities, including New York, Miami, Calgary, Winnipeg, and Edmonton,

The survey results were produced in two waves among a random sample of Canadian adults and then were weighted to be representative of the Canadian adult population. Wave 1 was among homeowners with either a fixed (n=154 +/-7.9%) or variable (n=131 +/- 8.6%) mortgage, and included those who intend to purchase a new home in the next two years (n=396 +/-4.9%) from February 23-27, 2024. Wave 2 included 1526 Canadians (+/- 2.5%) from February 28-29, 2024.