A new survey is shedding light on financial struggles and mental health struggles facing prospective homebuyers.
The Survey, from TD, says 69 per cent of prospective homebuyers in Saskatchewan and Manitoba are not confident in their ability to purchase their desired home within the next five years. Nearly half of them believe rent is a waste of money.
The journey to buy a home is also taking a toll on the mental health of those looking to get into the housing market.
Of prospective homebuyers in both Saskatchewan and Manitoba, 41 per cent say they’ve felt stressed or anxious and 36 per cent feel frustrated while navigating the process to buy a home.
“A lot of individuals just don’t have the knowledge or the experience or the understanding of the real estate market industry and I think that’s what’s causing a lot of the frustration, a lot of anxiety, and a lot of the stress quite frankly,” says Steve Ng, District Manager for TD mobile mortgage specialists.
Some are turning to family for financial help with 19 per cent asking parents for support, through inheritance or loan, which is significantly higher than in Alberta where only five per cent are seeking that kind of support.
And though many took steps to save for their first home, nearly 70 per cent did not have a plan financially to achieve home ownership.
Ng says sometimes just getting some basic information can help ease the stress and answer some important questions that will help guide a homebuyer through the process, especially if it’s their first time looking at buying a home.
“There is no cost to walking into your local financial institution and speaking to a financial advisor or seeking help from a mortgage specialist. And I think the reluctance to do that can really play on an individual's mental health.”
He says once you remove some question marks about buying a home, it gives people just two or three things to focus on which can reduce the stress.
