Quebecers Giving Up Home Ownership Dreams

While Quebecers have the highest intention of buying a home in the next few years amongst Canadians polled, many say they have given up on the dream of home ownership. The ‘RBC Spring Housing Poll’ shows just over a quarter of non-homeowners under 40 say they will never own a home while 43 per cent of all Quebecers believe the majority of people will be priced out of the market in the next decade. For those likely to buy a home in the next two years, 70 per cent say they are putting aside an average of $800 each month to save for their home purchase. Many factors are impacting whether Quebecers feel it is better to buy now or buy later. Interest rates and rising home prices are key reasons why Quebecers are considering buying sooner. However, more than a quarter of Quebecers also say it will be more affordable to own a home in the future. The key drivers among those waiting to buy a home include uncertainty about the economy (47 per cent), a belief that prices may come down (44 per cent), not having the necessary down payment (25 per cent), and job anxiety (23 per cent).