Inflation 'eroding' the ability of Albertans to buy a home: RBC poll

RBC's Home Ownership Poll found that challenges are continuing to mount for those looking to buy a home amid Canada's heated housing market. (Pexels/Cup of Couple)

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)."

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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.