A real estate sign is pictured in Vancouver, B.C. THE CANADIAN PRESS Jonathan Hayward

A real estate sign is pictured in Vancouver, B.C. THE CANADIAN PRESS Jonathan Hayward

1 in 3 young Canadians have given up on owning a home: poll

Data released Monday says 36% of adults younger than 40 have given up on home ownership entirely

Canadians have been abandoning their dreams of ever owning a home amid a rise in real estate costs countrywide.

Data released Monday says 36 per cent of adults younger than 40 have given up, according to a Royal Bank of Canada survey of 2,000 Canadian adults.

Of them, 62 per cent expect the majority of prospective buyers to be priced out of the real estate market within the next decade.

“The last year has created both challenges and opportunities for homebuyers,” said RBC home equity financing specialist Amit Sahasrabudhe.

“Many Canadians have been taking advantage of reduced spending over the year to build up their savings and get closer to making their dream of owning a home a reality.”

READ MORE: Double-digit price growth as Metro Vancouver sets all-time real estate sales record

Fourty-four per cent of those surveyed have been able to save more for a home. Of those likely to purchase within the next two years, 60 per cent are putting away an average of $789 per month.

The jump to buy is fuelled by a concern that homes will become less affordable and interest rates will climb, according to the poll.

Sahasrabudhe recommends prospective homebuyers put their finances through “a stress test” to see if they “can continue to carry the cost of owning a home if interest rates increase.”

The average price of a house in Canada was $678,091, according to Canadian Real Estate Association’s February estimate.

Nearly half of Canadians surveyed said their budget is less than $500,000.



sarah.grochowski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Housing MarketReal estate

Just Posted

South Okanagan MP Richard Cannings wants to see dental coverage for all Canadians. (courtesy of Pixabay)
OPINION: South Okanagan MP fights for universal dental care

One in three Canadians have no dental coverage, with COVID making it even worse

Dep. Fire Chiefs Rich Piché (left) and Stephane Dionne said they were disappointed that only one person showed up at the George Evans fire hall’s recruitment drive Tuesday evening, May. 11. Photo: Laurie Tritschler
Grand Forks Fire/Rescue says rural fire hall at risk of closing

Home insurance could spike across North Fork if George Evans fire hall loses fire protection status

Adam Hamdan has been living in Christina Lake since November 2020. Photo: Laurie Tritschler
Christina Lake man given temporary residence in Canada

Adam Hamdan had been facing deportation to Jordan, where he holds citizenship through his Palestinian parents

Ted Invictus (left) pulls a piano through the crosswalk between Market Avenue and 2nd Street as Nathan Vogel plays a few notes Monday morning, May 10. Photo: Laurie Tritschler
Music-lovers deliver street piano in Grand Forks

Musician gives one-handed performance as volunteers rolled the Heintzman through the city’s main street

Thursday, Feb. 4: RDKB Chief Engineer Darryl Funk hoists a banner commemorating last year’s championship season by the Bantam House Bruins. Photo: Laurie Tritschler
Bantam Bruins honoured at hair-raising banner ceremony at Grand Forks’ Jack Goddard Arena

Asst. coach Mike Tollis said he reluctantly gave in to the team’s victory wish that he cut his pony tale

The bodies of Carlo and Erick Fryer were discovered by a local couple walking on a remote forest road in Naramata on May 10. (Submitted)
Kamloops brothers identified as pair found dead near Penticton

The bodies of Carlo and Erick Fryer were discovered by a local couple walking

Municipal governments around B.C. have emergency authority to conduct meetings online, use mail voting and spend reserve funds on operation expenses. (Penticton Western News)
Online council meetings, mail-in voting option to be extended in B.C.

Proposed law makes municipal COVID-19 exceptions permanent

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A nurse prepares a dose of the COVID-19 vaccine in Kelowna on Tuesday, March 16. (Phil McLachlan/Black Press)
British Columbians aged 20+ can book for vaccine Saturday, those 18+ on Sunday

‘We are also actively working to to incorporate the ages 12 to 17 into our immunization program’

The AstraZeneca-Oxford University vaccine. (AP/Eranga Jayawardena)
2nd person in B.C. diagnosed with rare blood clotting after AstraZeneca vaccine

The man, in his 40s, is currently receiving care at a hospital in the Fraser Health region

Brian Peach rescues ducklings from a storm drain in Smithers May 12. (Lauren L’Orsa video screen shot)
VIDEO: Smithers neighbours rescue ducklings from storm drain

Momma and babies made it safely back to the creek that runs behind Turner Way

Signage for ICBC, the Insurance Corporation of British Columbia, is shown in Victoria, B.C., on February 6, 2018. THE CANADIAN PRESS/Chad Hipolito
$150 refunds issued to eligible customers following ICBC’s switch to ‘enhanced care’

Savings amassed from the insurance policy change will lead to one-time rebates for close to 4 million customers

The Libby Dam on the Kootenai River in Montana. The dam created the Koocanusa Reservoir, which straddles the B.C./Montana border. (photo courtesy Wikipedia)
Outflow at Libby Dam to be increased

Volume increase to aid migration and spawning conditions for endangered white sturgeon in the Kootenai River

Most Read