Seven out of 10 Canadians say they feel their cities are unaffordable
Some Canadians are looking to downsize from their homes because they can no longer afford their mortgages, the survey found. The fallout from pandemic-era inflation and sticky higher prices remain “significant pain points for consumers,” John Wright , executive vice-president of Maru Public Opinion , said in a release highlighting households’ outlook for finances and the economy since 2020.
With more interest rate cuts on the way, he thinks homebuyers are pushing their home-buying intentions until after the Bank of Canada’s meetings on Oct. 23 and Dec. 11. They have also possibly pushed back their buying intentions in order to benefit from new rules on longer amortization periods and a higher price cap on insured mortgages, which are set to take effect in December.
Another Maru poll of residents of Vancouver, Calgary, Edmonton and Toronto uncovered further evidence of severe affordability stress. Seven in 10 people indicated they feel their “cities are unaffordable,” while 84 per cent agreed it was “too costly to live and work in these urban areas.”
John Wright Interest Rates Canadians Mortgage Payments Maru Public Opinion
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