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
This type of screen time has the worst effect on kids: experts
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Grayson Murray's parents say the two-time PGA Tour winner died of suicide
Grayson Murray's parents said Sunday their 30-year-old son took his own life, just one day after he withdrew from a PGA Tour event.
Blaine Higgs 'furious' over sexual education presentation
New Brunswick Premier Blaine Higgs has shared his anger on social media over a presentation in at least four high schools.
Hamas rocket attack from Gaza sets off air raid sirens in Tel Aviv for the first time in months
Hamas fired a barrage of rockets from Gaza that set off air raid sirens as far away as Tel Aviv for the first time in months on Sunday in a show of resilience more than seven months into Israel's massive air, sea and ground offensive.
Some birds may use 'mental time travel,' study finds
Real quick — what did you have for lunch yesterday? Were you with anyone? Where were you? Can you picture the scene? The ability to remember things that happened to you in the past, especially to go back and recall little incidental details, is a hallmark of what psychologists call episodic memory — and new research indicates that it’s an ability humans may share with birds called Eurasian jays.
Trump confronts repeated boos during raucous Libertarian convention speech
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
'Inspires a sense of adventure': Sask. man conquers Mount Everest
A Saskatchewan man made it to the summit of Mount Everest earlier this month.
Indianapolis 500 delayed as strong storm forces fans to evacuate Indianapolis Motor Speedway
The start of the Indianapolis 500 was delayed as a strong storm pushed through the area Sunday, forcing Indianapolis Motor Speedway officials to evacuate about 125,000 fans who had already arrived for "The Greatest Spectacle in Racing."
Driver, 18, gets $3,000 ticket, 32 demerit points after speeding on Laval boulevard
A young driver received a hefty fine from Laval police after they say he was driving nearly 100 km/h over the posted speed limit.