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Are Canadians dreaming of owning a home? It’s complicated: RBC Poll

Article: RBC website  

  • 36% of non-homeowners under 40 have given up on the dream of owning a home
  • 62% of Canadians say most people will be priced out of the housing market in the next decade
  • 60% of Canadians likely to buy in the next two years are saving $789/month on average

"When it comes to purchase intention, despite 54% of Canadians polled saying it is a sellers’ market (up from 41% last year, highest since 2009), there is a large increase in Canadians who are considering buying a home in the next two years (30%, up 8% from 2020). This rises to 49% for those respondents under 40 years of age and 66% for new Canadians who have been in the country less than five years.

Many factors are on the minds of Canadians when thinking about whether to buy now or buy later. According to the poll results, interest rates and concerns that homes will become less affordable are key reasons why many Canadians are considering buying sooner. In fact, 41% of Canadians surveyed are thinking about buying a home sooner because of low interest rates and 61% believe home values will only go up in the immediate future. Four-in-five Canadians also continue to see housing as a good investment (83%) and the majority say it is better to buy than rent (56%). The key drivers among those waiting to buy a home include uncertainty about the economy (56%, up from 40%), a belief that prices may come down (41%), affordability issues (35%) and job anxiety (30%)."


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