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

The owner of Mae’s Kitchen in Mirror, says hamlet residents were ‘disheartened’ by a recent anti-restriction protest. The restaurant is following all the health restrictions in place. (Photo courtesy Mae’s Kitchen Facebook)
‘We don’t need that’: Mirror restaurant against recent anti-restriction protest

Mae’s Kitchen is located less than two kilometres from The Whistle Stop

Asymptomatic testing will now be available for "priority groups" who are most likely to spread the COVID-19 virus to vulnerable or at-risk populations. File photo by THE CANADIAN PRESS
Alberta adds 1,195 new COVID-19 cases Saturday

Red Deer has dropped to 760 active cases

MP Damien Kurek receives his COVID-19 vaccination. (Photo submitted)
Local elected representatives get the jab

MP Damien Kurek and MLA Lovely get their COVID-19 vaccinations

(Historica Canada)
VIDEO: Heritage Minute marks 100th anniversary of work to discover insulin

Video centres on Leonard Thompson, 13, the first patient to receive successful injections for Type 1 diabetes

Abbotsford Regional Hospital. (Black Press Media files)
Canada marks 25,000 COVID-19 deaths since the pandemic began

6 in every 10,000 Canadians died of COVID-19 since March 9, 2020

Capt. Jenn Casey died in a crash just outside of Kamloops, B.C., on May 17, 2020. (CF Snowbirds)
Snowbirds to honour Capt. Casey, who died in B.C. crash, in 2021 tour

Tour will kick off in Ontario in June before heading west

A vial of AstraZeneca vaccine is seen at a mass COVID-19 vaccination clinic in Calgary, Alta., Thursday, April 22, 2021. Dr. Ben Chan remembers hearing the preliminary reports back in March of blood clots appearing in a handful of European recipients of the Oxford-AstraZeneca COVID-19 vaccine. THE CANADIAN PRESS/Jeff McIntosh
Science on COVID, VITT constantly changing: A look at how doctors keep up

While VITT can represent challenges as a novel disorder, blood clots themselves are not new

Welcoming cowboy boots at the historic and colourful Last Chance Saloon in the ghost town of Wayne near Drumheller, Alta., on Thursday, Sept. 19, 2019. The bar and hotel are up for sale. THE CANADIAN PRESS/Jeff McIntosh
‘It was a going concern’: Remaining bar and hotel in Alberta coal ghost town for sale

The historic Last Chance Saloon in the ghost town of Wayne in southern Alberta is up for sale

The lights of several emergency vehicles could be seen near the Sunken Bridge on May 13. (Photo submitted)
Patient airlifted from Ponoka with serious injuries

RCMP, fire, STARS respond to single vehicle rollover May 13

Chief Public Health Officer Theresa Tam listens to a question during a news conference, in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Restrictions will lift once 75% of Canadians get 1 shot and 20% are fully immunized, feds say

Federal health officials are laying out their vision of what life could look like after most Canadians are vaccinated against COVID-19

An Israeli attack helicopter launches flares as he flies over the Israeli Gaza border, southern Israel, Thursday, May 13, 2021. (AP Photo/Ariel Schalit)
Singh calls for halt on Canadian arms sales to Israel as violence escalates in region

Government data shows Canada sent $13.7 million in military goods and technology to Israel in 2019

Most Read