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Apr 24, 2024

Confidence to buy a home is rising

Despite affordability challenges and inflation continuing to impact how and when Canadians buy a home, confidence in making the move to purchase a home is rising. According to RBC's 30th annual Home Ownership Poll, conducted among Canadians under the age of 65, 60 percent believe owning a house or condo is a good investment (up from 53 percent in 2023) and 29 percent are looking to buy in the next two years (up from 22 percent in 2023). Two-thirds (64 percent) say they have always dreamed of owning a home.

At the same time, the research finds that half (50 percent) of Canadians say inflation is eroding their ability to save for a home. This challenge is acutely felt among those planning to purchase a home within the next two years. Among these potential buyers, there has been a 37 percent decrease in the total amount they have saved to put towards buying a home. Among those who have saved some amount, 36 percent say they aren't putting aside money every month for a home purchase (up from eight percent in 2023). Even with this setback, 41 percent of overall potential home buyers say it will take them four years or less to save enough for a down payment.

Despite it being harder to save for a home, potential buyers are searching for additional ways to supplement their savings. The majority (57 percent) say they would need a side hustle or second job and more than a quarter (27 percent) have had to or would have to live with their parents longer to afford a home. Almost half (45 percent) also say they would need to overhaul their spending and saving habits to buy a home.

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