Majority of Canadians believe most will be priced out of housing market within 10 years: survey
Are you starting to believe owning a home is out of reach?
A recent survey from RBC found 36 per cent of non-home-owners under the age of 40 believe they will never own a home, and 62 per cent of all Canadians believe the majority of people will be priced out of the market within the next 10 years.
However, 44 per cent of respondents have been taking advantage of the pandemic to put money away for the down payment towards a home.
Further, of those planning on buying a home within the next two years, 60 per cent have been putting money away on a monthly basis--the average amount is $789 per month.
Additionally, the number of Canadians planning on buying a home within the next two years has increased eight per cent from 2020.
Moreover, 41 per cent of respondents would prefer to buy a home sooner rather than later because of low interest rates, while 61 per cent believe prices will only increase in the immediate future.
However, of those who are still hesitant to make such an investment, 56 per cent are concerned about economic uncertainty, 41 per cent believe prices might come down, and 30 per cent are concerned about their job security.
“The road to homeownership isn’t always easy and the last year has created both challenges and opportunities for home buyers,” Amit Sahasrabudhe, vice-president of Home Equity Financing, Products and Acquisitions for RBC, said in a news release.
“Potential homebuyers need to look at their personal financial situation as well as the current economic environment as both can have a big impact on the ability to purchase a home," he continued.
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