Winnipeggers wanting to one day buy a home are 'trying to climb a hill that's just too steep'
Owning a home may be out of reach for many Canadians according to new data from CIBC, and for one Winnipegger, the prospect of owning their own home is starting to feel like an impossible goal.
"It's kind of like trying to climb a hill that's just too steep," said 31-year-old Aaron Laferriere.
He's been renting for more than a decade. He does want to own a home one day, but feels like that's not in the cards.
"To own like a normal home that you see in the movies or shows that these people are living in, it like that doesn't even seem possible."
According to a new CIBC survey, 76 per cent of Canadians who don't own a home yet feel the same way.
The survey of more than 2,200 Canadians found overpriced markets and the inability to save for a down payment are the main barriers. Fifty-five per cent said they'll only be able to afford a home with inheritance or financial help from their family.
"Me and most of my friends in my generation, if you're not already born into a rich family or have dual income, it seems unfeasible," Laferriere said. "It seems not even possible to own a home."
The CIBC survey found 48 per cent of Canadians are thinking about moving outside major cities to get more bang for their buck, while about a quarter of those surveyed say they would consider buying a home with friends.
This comes as Royal LePage's quarterly update released Friday found the median price of a single-family detached home in Winnipeg increased 5.9 per cent year over year to $431,000.
The federal government has announced a slew of housing initiatives in the lead-up to the federal budget. Those initiatives include raising the amortization period to 30 years for first-time buyers purchasing newly built homes, and increasing the amount first-time homebuyers can withdraw from their RRSPs – upping it to $60,000.
While in Manitoba, Premier Wab Kinew said his $1,500 Homeowners Affordability Tax Credit will save money for Manitobans who buy their first home.
"When you start to run the calculations, you look at the property listing of the house you got your eye on, you run the monthly expenses, $1,500 difference towards the good – that's going to put the dream of homeownership within reach for more Manitobans," Kinew said at a news conference on Friday.
He said the province is also looking to boost housing supply.
"We're not going to be able to change everything overnight as a provincial government, but we're going to be there to help you buy your first home."
Laferriere is hopeful these measures will help, because right now he said browsing Winnipeg's house listings is just depressing.
"It doesn't seem within the cards," he said.
The CIBC survey was conducted between Feb. 23 and 29, 2024, surveying several different random samplings of Canadian homeowners and non-homeowners. The results carry a margin of error between +/- 2.5 per cent to 8.6 per cent.
CTVNews.ca Top Stories
4th Indian national arrested, charged with murder of Hardeep Singh Nijjar
Homicide investigators in B.C. say murder charges have been laid against a fourth Indian national in connection to the killing of Sikh activist Hardeep Singh Nijjar outside a Surrey gurdwara last year.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Man ticketed after allegedly trespassing again at Drake's Bridle Path mansion to get his bike
A man who tried to access Drake’s Bridle Path mansion earlier this week returned to the property Saturday and was apprehended again for allegedly trespassing, Toronto police say.
Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Millions of Canadians have been exposed to potentially toxic chemicals, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Biden calls Trump 'unhinged,' says 'something snapped' in former president after he lost 2020 U.S. election
U.S. President Joe Biden on Saturday called Donald Trump “clearly unhinged” and claimed that “something snapped” in the former president after he lost the 2020 election.
Wildfire that forced evacuation of Fort Nelson, B.C., caused by tree falling on wires, mayor says
The wildfire that prompted the evacuation of more than 3,000 people near Fort Nelson, B.C., was caused by a tree falling on wires, according to the municipality's mayor.
Switzerland's Nemo wins 68th Eurovision Song Contest
Swiss singer Nemo won the 68th Eurovision Song Contest on Saturday night with 'The Code,' an operatic ode to the singer’s journey toward embracing their nongender identity.
IN PICTURES Northern lights dance across the night sky in southern Ont.
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.