Feel like you can’t afford a home? You’re not alone.

The results of our 2021 Spring Debt Survey show many Canadians feel home ownership is now out of reach.

The results of our 2021 Spring Debt Survey show many Canadians feel home ownership is now out of reach.

  • 33% of homeowners admit they needed help from their parents when purchasing their first home.
  • 75% of Canadians that don’t own a home want to buy but can’t afford to.
  • 72% of Canadians admit they do not have a written financial plan.
  • 71% of Canadians who do not own a home worry about saving up for one.

But homeownership doesn’t have to be a faraway dream.

Sure, it might take a little longer to get there, and you might have to make a few compromises along the way – like everything in life when it comes to the housing market, your first home won’t necessarily be your dream home. Start by making a plan. Go into it with your eyes open and have a grasp of what you can or can’t afford.

Here are some helpful articles to help you get started:

  • 7 things I wish I knew before I bought my first home: let’s be honest, the thought of buying a home is just as exciting as it is terrifying. Especially if you don’t know what the process entails. This article explores the experience of a first-time homebuyer, with tips on how to make buying a home a bit less intimidating.
  • How to save for a down payment: now that you know what to expect while going through the home buying process, you might be ready for the next step: the almighty down payment. We’re not all about to inherit $100,000 from a long-lost aunt twice removed, and winning the lotto is a fun idea, but it shouldn’t be part of anybody’s financial plan. This article focuses on three key (and realistic!) tips to saving a down payment.
  • Helping kids with their down payment: if you’re one of the fortunate ones whose parents can help you with the homebuying process, this article might be for you. Learn how Manulife One – our flexible all-in-one mortgage, line of credit, and bank account – can be used to help family members with a down payment.

Key takeaway: Homeownership doesn’t have to be a faraway dream. Our advice to you: Make a plan. Stick to it. And enjoy the ride. If you’re just starting the process of buying a home or planning your financial path, visit Plan and Learn to learn more.

About the Manulife Bank of Canada Debt Survey

Now in its eleventh year, the Manulife Bank of Canada poll surveyed 2,001 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between April 30 and May 4, 2021. National results were weighted by gender, age, region, and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 and 69 been surveyed.