Nearly half of Canadian tenants will continue to rent indefinitely: survey

A new survey finds nearly half of Canadians who rent will continue to do so indefinitely and are not sure when they will be able to enter the housing market.

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Renters surveyed by insurance firm Canada Life cited lack of cash, fear and uncertainty as reasons for living on the edge, with nearly 73 percent saying it’s a bad time to buy a home and 17 percent saying that They will never buy one.

While 79 per cent of the respondents believe that home ownership is a good investment, 64 per cent do not think they will be able to buy a home unless they get financial support from other people such as family members.

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The survey also found that Canadians between the ages of 25 and 29 are two times more likely to stay on rent indefinitely than those aged 30 to 49.

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The survey found that current homeowners are also feeling the pressure, with 24 per cent saying they feel the home is bad.

As the Bank of Canada continues to raise interest rates, homeowners may face even more pain as mortgage payments become higher.

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