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

B.C. Centre for Disease Control data showing new cases by local health area for the week of May 2-8. (BCCDC image)
Vancouver Island COVID-19 local case counts the lowest they’ve been all year

On some areas of Island, more than 60 per cent of adults have received a vaccine dose

A nurse gets a swab ready to perform a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. THE CANADIAN PRESS/Paul Chiasson
Island’s daily COVID-19 case count drops below 10 for just the second time in 2021

Province reports 8 new COVID-19 cases on Vancouver Island Wednesday

Ancient Forest Alliance campaigner Andrea Inness walks beside an enormous western red cedar stump in a BCTS-issued cutblock in the Nahmint Valley. (PHOTO COURTESY TJ WATT)
B.C. forestry watchdog finds lack of compliance in Nahmint logging

Forest Practices Board says old growth and biodiversity near Port Alberni are at risk

Port Alberni Fire Dept. deputy chief Wes Patterson, right, and another firefighter monitor the front of a garage at Second Avenue and Argyle Street that burned on Wednesday, May 12, 2021. (SUSAN QUINN/ Alberni Valley News)
Fire starts in empty garage on Argyle Street in Port Alberni

Garage was attached to empty multi-storey commercial building

A painting by Port Alberni artist Robert Hall. Hall uses a technique called Abstract Impressionism. (SUBMITTED PHOTO)
ARTS AROUND: Port Alberni artist showcases abstract impressionism

Robert Hall’s paintings on display at Rollin Art Centre until May 29

Prince Rupert was one of the first B.C. communities targeted for mass vaccination after a steep rise in infections. Grey area marks community-wide vaccine distribution. (B.C. Centre for Disease Control)
B.C. tracks big drop in COVID-19 infections after vaccination

Prince Rupert, Indigenous communities show improvement

Canada’s demo Hornet soars over the Strait of Georgia near Comox. The F-18 demo team is returning to the Valley for their annual spring training. Photo by Sgt. Robert Bottrill/DND
F-18 flight demo team returning to Vancouver Island for spring training

The team will be in the Comox Valley area from May 16 to 24

Saanich police and a coroner investigated a fatal crash in the 5200-block of West Saanich Road on Feb. 4, 2021. (Devon Bidal/News Staff)
Police determine speed, impairment not factors in fatal Greater Victoria crash

Driver who died veered across centre line into oncoming traffic for unknown reason, police say

Ladysmith RCMP safely escorted the black bear to the woods near Ladysmith Cemetary. (Town of Ladysmith/Facebook photo)
Bow-legged bear returns to Ladysmith, has an appointment with the vet

Brown Drive Park closed as conservation officers search for her after she returned from relocation

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

Pixabay
Island Health: two doctors, new clinic space to avert Port McNeill health crisis

Island Health has leased space to use as an immediate clinic location to avert health crisis

Police investigate a fatal 2011 shooting in a strip mall across from Central City Shopping Centre, which was deemed a gang hit. The Mayor’s Gang Task Force zeroed in on ways to reduce gang involvement and activity. (File photo)
COVID-19 could be a cause in public nature of B.C. gang violence: expert

Martin Bouchard says the pandemic has changed people’s routines and they aren’t getting out of their homes often, which could play a role in the brazen nature of shootings

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

Most Read