Canadians who are looking to buy a home for the first time are getting more discouraged when it comes to affording their down payments, according to a Royal LePage survey.
The results released on Thursday revealed that 67 per cent of first-time homebuyers who purchased a home in the past two years reported that before making a purchase, they were worried about missing out on a home they really desired due to an insufficient down payment. This sentiment was up from 62 per cent in 2021 and 57 per cent in 2019.
The most dramatic increase in affordability concerns, however, was in Calgary, where 69 per cent of survey respondents reported fears over their ability to enter into the housing market, up from 42 per cent in 2021. A majority of first-time homebuyers reported receiving some form of financial assistance to enter the housing market.
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