Canadians looking to enter the housing market are almost certainly relying on help from parents or loved ones to make it happen even though

housing prices are falling. Seventy per cent of Canadians who bought their home in the past two years say they would never have been able to afford it without some financial help with the down payment, according to

a recent survey by Mortgage Professionals Canada (MPC), an industry association.

“Down payment assistance is no longer a backup plan; it’s a requirement for many Canadians hoping to buy,” Lauren van den Berg, chief executive of MPC, said in a release. “These findings confirm what brokers across the country are seeing every day: consumers are under pressure and they need expert, transparent advice to find a way forward.”

The survey emphasizes the struggle many Canadians have with keeping up with their bills and adding to their savings accounts. About 20 per cent of respondents whose mortgage is up for renewal within the next two years are worried about what the payments may look like.

TransUnion Canada estimates many homeowners face mortgage payments climbing 25 per cent or more when it comes time to renew and 27 per cent of Canadians already say they can’t pay all their bills.

“Canadians are navigating a challenging financial landscape, with many adjusting their spending and prioritizing bill payments in response to rising costs and economic uncertainty,” Matt Fabian, director of financial services research and consulting at TransUnion Canada, said in a release.

Homeowners aren’t expected to receive much in the way of interest rate relief in the near term, either.

On Tuesday, Statistics Canada said inflation climbed to 1.9 per cent in June, with economists warning that the data all but shuts the door on an interest rate cut by the Bank of Canada on July 30.

If their expectations come to fruition, it would mark the third consecutive interest rate hold by the central bank.

The good news is that interest rate holds have helped Canadians keep their debt loads steady,

according to the MNP Consumer Debt Index , though two-thirds of respondents say they desperately need interest rates to fall some more.

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“We see some stability in financial perception, but many households feel like their lives are on hold, stuck in a financial holding pattern as they wait for the proverbial dust to settle,” Grant Bazian, president of MNP Ltd., said in a release. “Given the persistent economic pressures and a backdrop of global volatility, many are hesitant to make major financial or life decisions, unsure of what lies ahead.”