TORONTO — A new poll done for CIBC says 76 per cent of Canadians who don't own a property say entry to the housing market feels out of reach. The bank says the online survey done in February found that 70 per cent of non-owners cited overpriced markets as one of the main barriers to achieving their homeownership goal, while 63 per cent cited the inability to save for a down payment. The poll also found that 55 per cent of non-owners said they'll only be able to afford a new home with an inherita
Not sure about the 30 year amortization but adding more RRSP contribution potential sounds like you are making home buying easier for the people who already have extra money.
Like was that extra 25k stopping anyone from putting a down payment on a home? If someone is able to save at least 35k let alone 60k in an rrsp, I don’t think the housing market is out of reach. It’s out of reach for the people who are being priced out of renting, eating well, and just living in general.
Yes, home buying plans are an empty ploy by governments to be able to say they’re helping prospective home owners, without introducing risk to the portfolios of retirees.
The ploy is empty because within a housing area first time buyers are generally all competing for the same units. If you help all of them, you’re not really helping anyone other than the sellers.
I think part of the reason that housing is so unaffordable is that a large portion of home owners own much more house than they need or truly desire, but they’ve lived there for 30 years, there isn’t a more appealing place to move and moving is an overwhelming task to them.
I think that if we want to convert single family detached housing into higher density, we have to build spaces that baby boomers will want to move to. And we ought to encourage (marketing) them to move, and help them through the process. By help I mean, maybe municipalities could have an office of impartial coordinators that could make sure seniors aren’t getting ripped off by scummy realtors. Programs along those lines anyway.