Canadians Not Deterred By Homeownership Obstacles

The latest consumer survey from Mortgage Professionals Canada shows that despite numerous obstacles, Canadians still desire to own a home. The survey found that 90% of current homeowners are happy with their purchase, and 76% of Canadians believe that owning a home would make them financially better off compared to renting. The report also acknowledges that the path to homeownership can be complicated and challenging. The survey covers several topics, including consumer sentiment, the B-20 stress test, the First-Time Home Buyer Incentive, and 30-year amortizations. While Canadians are mildly optimistic about the economic outlook, only half of them are aware of the stress test requirements. The new First-Time Home Buyer Incentive has moderate agreement, but the program is not likely to result in more than 5,000 incremental first-time purchases per year. Raising the maximum amortization period to 30 years has some support among Canadians, but there is also a feeling that it could result in more Canadians purchasing homes they cannot afford.