A recent survey for Zillow conducted by Ipsos says 92 per cent of Canadians see at least one barrier to home ownership, and two of the top concerns are related to the mortgage process.
Canadians report feeling pressured by stricter mortgage regulations that went into effect in 2018, says the survey. It found that 56 per cent of Canadians see qualifying for a mortgage as a barrier to home ownership, a six-point increase from 2018. This concern rises to 64 per cent for consumers who recently purchased a home.
After mortgage qualification, the next top worry for buyers is whether they can afford the mortgage payment: More than half (54 per cent) report this as a barrier.
Since the stricter mortgage requirements took effect, buyers’ worries are growing according to the survey. Half of Canadians (51 per cent) say they are concerned that stricter rules will prevent them from qualifying for a mortgage, up five points since 2018.
Sixty-nine per cent of those 18-34 years old are concerned about qualifying for a mortgage under the stricter guidelines. This worry is also present for current renters who may be considering the purchase of their first home: 66 per cent expressed concerns about mortgage qualification under stricter guidelines, says Zillow.
The Ipsos poll was conducted between Sept. 24 and Oct. 8, 2019, on behalf of Zillow. For this survey, a sample of 1,503 Canadians aged 18+ was interviewed online.