More than half of Ontarians (57%) indicated a belief that they might never be able to afford a home in their current city or town, according to a new poll by independent brokerage Right at Home Realty.
Approximately 54% of parents in Ontario also said that they are not planning on helping their children buy a home in the future.
“The impact of rising mortgage rates has reduced the buying power of potential homebuyers. Additionally, the minimum mortgage stress test rate will climb to 7% or higher,” said John Lusink, president of Right at Home Realty.
The trend of eroding affordability has essentially forced Ontario homeowners to stay put, with as many as 80% saying that they will not be selling their homes in the next two or three years (versus the 77% share last year).
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