Canadians under 65 are increasingly confident about homeownership, according to the 30th annual RBC Home Ownership Poll. 60% view homeownership as a good investment, up from 53% in 2023. Additionally, 29% plan to buy a home within two years, compared to 22% last year.
Inflation and Affordability Concerns
However, the report also highlights challenges. Inflation is impacting savings for half of Canadians surveyed. Those planning to buy in the next two years are hit particularly hard, with a 37% reduction in savings.
Alternative Strategies for Saving
Despite these hurdles, 41% of potential buyers believe they can save for a down payment in four years or less. To achieve this, many are exploring alternative strategies:
- 57% are considering a side hustle or second job.
- 27% might delay moving out and live with family.
- Nearly half (45%) plan to adjust their spending habits.
Family Support
Family support remains crucial. 62% believe they'll need financial help from family to buy a home. Conversely, 39% cannot offer financial assistance to family members due to their own limitations. Interestingly, 54% prefer having family live with them to save money over direct financial support.
Challenges for Next-Time Buyers
Next-time buyers also have concerns:
- 66% worry about ownership costs.
- 51% are unsure about buying due to inflation.
- 76% believe their local market is overpriced.
- 64% wouldn't be able to afford their first home today.
- 64% might need to relocate for a larger home.
High Hopes for Newcomers
Newcomers to Canada (past 5 years) are particularly eager:
- 73% dream of homeownership.
- 65% plan to buy within two years.
Expert Advice
The Canadian housing market can be complex, but you don't have to go it alone. Coldwell Banker Horizon Realty in Kelowna is here to help you achieve your homeownership goals. Our experienced and knowledgeable real estate agents can guide you through every step of the process, from understanding your needs and budget to finding the perfect property and negotiating the best possible deal.
Contact Coldwell Banker Horizon Realty today to learn more about how we can help you.
Source: RBC
