Nearly half of Canadian tenants will continue to rent indefinitely: survey – National | Globalnews.ca

A new survey finds that nearly half of Canadians who rent a home will continue to do so indefinitely and are uncertain when they will be able to join. real estate market.

Renters surveyed by insurance company Canada Life cited a lack of cash, fear and uncertainty as reasons for them being on the sidelines, with nearly 73% saying it was a bad time. to buy a home and 17% said they would never buy a home.

While 79% of respondents believe owning a home is a good investment, 64% do not think they will be able to buy a home unless they have financial support from others such as family members. family.

The survey also found that Canadians 25 to 29 are more than twice as likely to continue renting indefinitely than those aged 30 to 49.

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1 in 4 homeowners say rising mortgage rates could make them sell: survey

Existing homeowners are also feeling the pressure, with 24% saying they feel their home is poor, the survey found.

As the Bank of Canada continues to raise interest rates, homeowners could face further pain as mortgage payments climb higher.