Inflation 'eroding' the ability of Albertans to buy a home: RBC poll
Many Albertans may be looking for a side hustle or to family members to help cover the high cost of housing, a new poll suggests.
RBC's Home Ownership Poll, released on Tuesday, found that continued high inflation is "eroding" the ability of Canadians to purchase a home, especially among those who are looking to buy within the next two years.
"Among these potential buyers, there has been a 37 per cent decrease in the total amount they have saved to put towards buying a home," the poll said.
"Among those who have saved some amount, 36 per cent say they aren’t putting aside money every month for a home purchase (up from eight per cent in 2023)."
- Sign up for breaking news alerts from CTV News, right at your fingertips
- The information you need to know, sent directly to you: Download the CTV News App
When it comes to Alberta, RBC said nearly 58 per cent of residents here are considering a second job or "side hustle" to help afford a home.
More than six-in-10 Albertans are looking to family members to assist them with home ownership, RBC said.
"Financial support from family might not always be an option though with 40 per cent of respondents in Alberta saying they want to give family members money for housing or rent, but can’t afford to do so," officials said.
Home ownership struggles also exist for next-time home buyers; individuals who currently own a home and are looking to buy within the next two years.
RBC said 76 per cent of next-time home buyers in Canada feel the housing market in their community is overpriced and 64 per cent say they won't be able to buy in the current market.
The same proportion of people say they would need to move out of the city they currently live in to afford a larger home.
"Canadians have a lot of headwinds to face as they look to purchase a home today, whether they are a first-time buyer or searching for their next home," said RBC's senior vice-president of home equity finance and newcomer strategy Janet Boyle in a news release.
"While affordability anxiety remains, our research found that many home buyers are exploring different approaches to realize their dream of home ownership."
The poll was conducted online, between Jan. 25 and Feb 23, on a sample size of 2,824 Canadians aged 18 to 64.
For comparative purposes, a probability sample of 2,824 respondents would have a margin of error of +/- 1.8 per cent, 19 times out of 20.
CTVNews.ca Top Stories
From essential goods to common stocking stuffers, Trudeau offering Canadians temporary tax relief
Consumers will receive a temporary tax break on essential items and common stocking stuffers heading into the holiday season, Prime Minister Justin Trudeau announced Thursday, alongside a spring $250 rebate for 18.7 million Canadians.
BREAKING Matt Gaetz drops bid for Trump attorney general in face of U.S. Senate opposition
Former U.S. Representative Matt Gaetz withdrew his name from consideration as U.S. president-elect Donald Trump's attorney general on Thursday, saying his confirmation was becoming a distraction.
Here's a list of items that will be GST/HST-free over the holidays
Canadians won’t have to pay GST on a selection of items this holiday season, the prime minister vowed on Thursday.
Mother charged after infant dies in midtown Toronto: police
The mother of an infant who died after being found at an apartment building in midtown Toronto on Wednesday has been charged with failing to provide the necessaries of life.
2 arrested during Greenpeace protest outside Stornoway residence in Ottawa
Two people have been arrested following a protest outside Stornoway, the official residence of Canada's leader of the Opposition.
Arrest warrant issued for suspect charged in Toronto airport gold heist
Peel police say a bench warrant has been issued for the arrest of one of the suspects charged in connection with the gold heist at Pearson International Airport last year.
Son of Norway crown princess detained for one week in rape probe
The son of Norway's crown princess will be jailed for up to one week while police investigate accusations of rape made against him, a judge ruled on Wednesday.
Australian who drank tainted alcohol in Laos has died, raising toll to 4
An Australian teenager has died after drinking tainted alcohol in Laos in what Australia's prime minister on Thursday called every parent's nightmare. An American and two Danish tourists also died, officials said, following reports that several people had been sickened in a Laotian town popular with backpackers.
Watch Dramatic video shows officers save driver from burning truck after brakes fail
Stunning video shows officers in Columbus, Ohio jumping into action to save a driver from his burning pickup truck.