Canadians Feel Priced Out Of Home Market

Planning to move on or move in? Canadians are split between giving up on ever buying a home or putting away money to save for one, says the ‘RBC Spring Housing Poll.’ It shows nearly two-in-five non-homeowners under 40 say 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 in the next decade. For others, the pandemic has provided an opportunity to increase their overall savings, with 44 per cent of all respondents saying they have saved more over the last year. For those likely to buy a home in the next two years, the poll also found that 60 per cent are saving monthly, putting away $789 on average each month for a home. When it comes to purchase intention, despite 54 per cent of Canadians polled saying it is a sellers' market (up from 41 per cent last year, highest since 2009), there is a large increase in Canadians who are considering buying a home in the next two years (30 per cent, up eight per cent from 2020). This rises to 49 per cent for those respondents under 40 years of age and 66 per cent for new Canadians who have been in the country less than five years. Factors on the minds of Canadians when thinking about whether to buy now or buy later include interest rates. Four-in-five , however, continue to see housing as a good investment and the majority say it is better to buy than rent (56 per cent).