Many Canadians concerned about new mortgage regulations
Many Canadians are becoming increasingly more concerned about their ability to qualify for a mortgage.
According to a recent poll from Zillo and Ipsos, 92 per cent of Canadians believe there’s at least one barrier blocking them from owning a home, and two of the top concerns are related to the mortgage process.
In 2018, stricter mortgage regulations came into effect, and due to this fact, 56 per cent of Canadians believe their perceived inability to qualify for a mortgage is holding them back from homeownership—a six per cent increase.
Additionally, this number increases to 64 per cent for Canadians who purchased a home around the time the changes came into effect.
The second most common fear among would-be home-buyers is whether they can afford to make their mortgage payments—54 per cent reported this as a barrier.
Further, since the new changes to the mortgage regulations came into effect, 51 per cent of Canadians say they are concerned these changes will prevent them from being able to purchase a home.
These changes could impact a significant number of would-be homebuyers, as 80 per cent of homeowners have a mortgage.
Young Canadians are especially concerned about these changes, as nearly two thirds—69 per cent—of Canadians ages 18 to 34 are concerned stricter mortgage guidelines will prevent them from qualifying for one.
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