A new report suggests two-thirds of Canadians say they still dream of owning a home despite a challenging market.
RBC’s spring home ownership poll shows 67% of respondents say they want to buy a home, up from 62% last year, while 32% expect to purchase a house or condo within the next two years.
The online survey, which polled 1,719 Canadians between Jan. 7 and Jan. 25 using Leger’s online panel, shows four in five believe purchasing a home is one of life’s biggest financial milestones, while 73% view it as a sign of financial independence.
Among the first-time buyers planning to purchase a home in the next two years, 62% feel closer to their goal, while 71% have savings in place, with an average of $110,339 saved.
However, buyers are concerned about whether it’s the right time to make a purchase and about making the wrong decision.
RBC senior mortgage specialist Brad Evjen says there’s a lot of cautious optimism and while you can’t time the market, you can make educated decisions. That means considering cash flow, debt management strategies and future goals when buying a home.
Many first-time homebuyers anticipate making sacrifices in order to save money. The report said 46% expect to live with their parents longer, 42% are delaying having children and 64% say they need a side hustle or second job to afford a home.
The report said mortgage renewals also remain top of mind for homeowners.
It said 59% of homeowners surveyed are worried about covering the rising expenses of home ownership, while 39% are worried about making the wrong decision when renewing their mortgage. That number is even higher for homeowners who are renewing their mortgage within the next two years — at 58%.
Online surveys cannot be assigned a margin of error because they do not randomly sample the population. However, the report said a probability sample of 1,719 respondents would have a margin of error of ±2.4%, 19 times out of 20.