It’s not just those ‘nurtured and pampered’ millennials being kept out of the first-timers’ housing market. A housing report out Tuesday focuses on middle-class Canadians facing the same tsunami-like housing situation. As the housing price-wave keeps rising, 92% of respondents in the Zoocasa National Housing Affordability poll felt rising home prices have made it hard for Canadians to buy their first home. Probably more significant is that 91% of respondents felt the cost of buying a home in their town or city has been rising faster than incomes.
More First-Time Buyers Considering Moving to Afford a Home
The report found that property ownership is the top socio-economic class divider today – which its authors say has fueled the “drive until you qualify” approach. Furthermore, it says 52% of all first-time buyers said “they’d consider moving to another town or city in order to be able to afford a home.”
Current Homeowners Unable to Afford Rising Housing Costs
As Canadians head to the polls – top of mind – is housing affordability and the hit to the ol’ pocketbook. Of those polled, 66% felt they may not be able to afford the current home they live in and over half of respondents saying housing costs have climbed up faster than their incomes. Read the full report.