According to a new survey, current homeowners feel pressured, with 24 percent of them saying they feel bad in their homes and are uncertain about the current situation, especially after the interest rate hike.

The survey also found that nearly half of Canadian renters will continue renting indefinitely and are unsure when they will be able to enter the housing market.

Renters surveyed in a poll conducted by Canada Life Insurance pointed to a lack of liquidity, fear, and uncertainty as reasons for staying on the sidelines, with 73 percent saying it is a bad time to buy a home and 17 percent saying they would never buy a home.

While 79 percent of respondents believe that homeownership is a good investment, 64 percent do not believe they will be able to buy a home without financial support from others such as family members.

The survey also found that Canadians aged 25 to 29 are twice as likely to continue renting indefinitely compared to those aged 30 to 49.

On the other hand, with the Bank of Canada continuing to raise interest rates, homeowners may face more pressure with rising mortgage payments.

Edited by: Dima Abu Khair