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Despite concerns about affordability, homeownership continues to be a top goal for many Canadians, a new CIBC poll finds.

The poll, conducted for CIBC by research firm Maru/Blue, found that 71% of non-homeowners surveyed said homeownership remains a driving goal for them, despite high interest rates and rising house prices.

However, a poll from Bank of Montreal found that 68% of Canadians are planning to wait for lower interest rates before purchasing a home.

Both polls found that Canadians are worried about affordability: CIBC’s poll found that most parents worry about housing affordability for the next generation, and plan to help their kids make a down payment when the time comes.

Of survey participants who have children at home, 63% said they plan to help their kids with a down payment.

“Many Canadians recognize that homeownership could be out of reach for their children, unless they have help with a down payment,” said Carissa Lucreziano, vice-president, financial and investment advice, with CIBC.

The BMO survey, meanwhile, looked at homeownership worries from opposite perspective. It found that most (68%) of Canadians feel buying a home is more out of reach compared to their parents. Gen Z (ages 18 to 24; 71%) were the most likely to have this outlook, followed by younger millennials (ages 25 to 34;  69%) and older millennials (ages 35 to 44; 65%).

The BMO survey, for BMO’s Real Financial Progress Index, also found that 51% of Canadians will defer their home purchase because of their concerns about the economy, with 18% plan on waiting until 2024 or later. Twenty percent said they were no longer sure if or when they will buy a home.

Both polls also highlighted concerns about keeping up with housing-related and other expenses.

According to the CIBC poll, 82% of mortgage holders were concerned about how inflation and rising rates will affect their ability to make mortgage payments. Among renters, 64% are concerned about their ability to keep up with rental costs.

And the BMO poll found the top three sources of financial anxiety for Canadians were fears of unknown expenses (83%) concerns about their overall financial situation (81%) and housing costs (71%).

According to BMO Economics, Canadian housing activity has rebounded from the slow start in 2023, with home prices firming and existing home sales increasing by 11.3% in April — the largest monthly increase since 2009.

The CIBC poll surveyed 2,531 randomly selected Canadians — 863 homeowners, 805 non-homeowners (684 renters and 121 living with family) and 863 prospective homeowners — from March 21 to Apr. 13.

The BMO Real Financial Progress Index involves research by Ipsos in Canada from March 28 to Apr. 28. It surveyed 2,350 adults aged 18 and over.