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Potential first-time homebuyers discouraged from entering the market: survey

Potential first-time homebuyers discouraged from entering the market: survey

TORONTO — A new report on the housing expectations of Ontarians indicates more than half believe they may never afford a home in their current city or town.

Additionally, more than half (54 per cent) of parents in Ontario are not planning on helping their children buy a home in the future.

The report was issued June 22 by Right at Home Realty. The Maru Public Opinion study was conducted from May 10 to May 12.

The data revealed that most (80 per cent) of Ontario homeowners are not planning to sell their home in the next two to three years compared to 77 per cent in 2021.

Only 19 per cent of potential first-time homebuyers in Ontario plan to buy in the next two to three years, compared to 30 per cent in 2021, an overall decrease of 56 per cent year-over-year.

Nearly one-quarter (23 per cent) of Ontario homeowners who plan on selling their home are doing so to take advantage of the current market, compared to 11 per cent in 2021, doubling the amount since last year.

And nearly one-third (32 per cent) of Ontarians say the COVID-19 pandemic has negatively impacted their ability to save for a home, compared to nearly one-quarter (23 per cent) in 2021, a 39 per cent increase year-over-year.

“The impact of rising mortgage rates has reduced the buying power of potential homebuyers. Additionally, the minimum mortgage stress test rate will climb to seven per cent or higher,” said John Lusink, president of Right at Home Realty, in a statement. “Another impact of the rising rates is the financial disincentive created for those thinking of selling but now faced with much higher financing costs when considering buying their next home.

“While we will continue to see a drop in market activity, we do not anticipate this will lead to a market crash.”

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