Survey finds many renters delaying plans to buy a home
Canada Life, an insurance, wealth management and benefits provider, recently conducted a survey that found market conditions are having a big impact on people's homeownership plans.
Many people who are currently renting said they don't know when they will be able to get into the housing market.
The survey found that almost half of the respondents who rent will either continue renting indefinitely or aren't sure when they will buy.
Ray Goulet, president of the Greater Sudbury Landlord's Association, said renters are staying put, in part, because rents are being kept below the rate of inflation.
"Landlords have been tied to a 1.2 per cent rent increase annually that's not enough to cover all the expenses, property tax all the utilities," Goulet said.
"So with that, renters are staying where they are for the low rents."
Goulet described the apartment rental market in Sudbury as slim. He said there is a scarcity of apartments -- and rents are high for the ones that are available.
"Landlords will receive I have heard upwards of 50-60 applicants for a one- or two-bedroom apartment," he said.
"So the landlords will screen this and likely whittle it down to about 20 applicants."
The Sudbury Workers Education and Advocacy Centre said many people are making choices they never had to make before to deal with soaring inflation.
"We hear from workers that they are making the choice between … groceries, having to pay for gas, having to pay for little things," said TT Scott, communications officer with the Sudbury Workers Education and Advocacy Centre.
"They have to make these new changes in their lives."
Another key highlight of the study found Canadians aged 25-29 are two times more likely never to purchase a home or continue renting indefinitely, compared to those aged 30-49.
CTVNews.ca Top Stories
BREAKING Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
U.S. vetoes a widely supported UN resolution backing full membership for Palestine
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
Grandparent scam suspects had ties to Italian organized crime, police allege
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn’t over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
Cat found on Toronto Pearson airport runway 3 days after going missing
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Trend Line Anger, pessimism towards federal government reach six-year high: Nanos survey
Most Canadians in March reported feeling angry or pessimistic towards the federal government than at any point in the last six years, according to a survey by Nanos Research.
B.C.'s short-term rental regulations include $10K daily penalties for Airbnb, other platforms
Short-term rental platforms that violate B.C.'s pending regulations can face administrative penalties of up to $10,000 per day, officials announced Thursday.