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Almost half of Canadian renters expect to stay in tenants indefinitely: Survey

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Canadian Press
A for sale sign outside a home indicates that it has been rented, in Ottawa, on Monday, March 1, 2021.
A sign for sale outside the house indicates that it was rented in Ottawa on Monday, March 1, 2021. .. Photo: Justin Tang/Canadian Press

Almost half of the Canadians renting are indefinite I'm telling you to keep doing that. We don't know when they can enter the housing market, new research says.

Insurer Canada Life surveyed lessees as reasons to stand by for cash shortages, fears and uncertainties, with nearly 73% bad to buy a home I say it's time. 17% say they will never buy.

91% of the lessors surveyed believe that buying a home is becoming more difficult each year, and 89% expect the next generation to find it even more difficult to enter the housing market. doing.

79% of respondents think home ownership is a good investment, while 64% think it's a good investment unless they have financial support from someone else, such as a family member. I don't think I can buy a house.

In a survey conducted between May 5 and May 11, Canadians between the ages of 25 and 29 were twice as many as Canadians between the ages of 30 and 49. It turns out that it is likely that you will continue to rent by the deadline.

The housing market is showing signs of chilling, but recent data from the Canadian Real Estate Association (CREA) show that home sales in May were close to 22% compared to last year. , Decreased by nearly 9% between April and May. ). The national average unseasonally adjusted home price in May was $ 711,000, down almost 5% from April.

But that doesn't mean that lessors are confident in their ability to buy homes, as uncontrollable inflation and rising interest rates affect the availability of funds. No, said Paul Orlando, Executive Vice President. For individual customers of Canada Life.

"Because of these factors, Canadians are likely to continue to consider home ownership increasingly difficult," he said in an interview.

Current homeowners are also under pressure, with 24% of those surveyed saying they feel their homes are poor.

Homeowners can face even more pain as mortgage payments increase as the Bank of Canada continues to raise interest rates.

The central bank, which plans to make the next interest rate decision on July 13, suggests that it may accept larger rate hikes as needed. Meanwhile, Canada's inflation rate surged to 7.7% in May, according to Statistics Canada.

Wealth building and retirement plans are affected regardless of the decisions Canadians make regarding home ownership.

Purchasing builds valuable fairness in the long run, but home ownership and home maintenance costs actually replace the savings capacity of Canadians for retirement. There is a possibility, Mr. Orlando said.

On the other hand, he added, renting provides more flexibility and can maintain free cash flow for savings and investment each month towards retirement.

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