The confidence of Toronto citizens about their ability to buy a home has continued to deteriorate, highlighting their need for a professional guidance, according to a study by Zillow and Ipsos.
The study showed that 77% of buyers and 68% of sellers in the city are concerned about the affordability of the homes they would like to buy.
For about four in five buyers, it is crucial that they consult real estate professionals, such as agents and brokers, as part of their search for a home. The same goes for nine in 10 home sellers in the city.
Read more: Why it's high-time to buy homes in Toronto
Aside from the skyrocketing house prices, the most common concern about the home-buying process for two in three Canadians in Toronto is coming up with a down payment.
A separate study by RE/MAX found that the 25% down payment needed for a house at an average price sits at $217,119. The study also found that homeowners in Toronto spend, on average, 40% of their incomes to pay for mortgages.
In the Zillow and Ipsos study, three in five Canadians said high monthly mortgage payments are another significant barrier that prevent them from owning a home.
Despite these challenges, the majority of Canadians in Toronto still value homeownership as a good investment.