It's hard to save because we love to spend says CIBC

Saving to buy a home or for retirement is tricky for many Canadians according to a survey by CIBC.

The lender says that 85% of Canadians say that they need to save more but two thirds are not making it a priority. Among the main reasons is that they believe that money is for pleasure or enjoyment.

That’s not necessarily because budgets are tight. Most respondents (82%) say that they could cut back by $360 per month before feeling the pinch. At that rate, the minimum downpayment for an average Canadian home could be saved in 5.7 years.

CIBC’s survey shows that 62% of respondents receive extra money each year as gifts or bonuses amounting to an average $2,300, further speeding up the ability to save for a downpayment – but 44% say they spend it.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?