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
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Centre Auston Matthews of the Toronto Maple Leafs hasn't been ruled out of tonight's Game 7 against the Boston Bruins.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.