A real estate sign is pictured in Vancouver, B.C. THE CANADIAN PRESS Jonathan Hayward

A real estate sign is pictured in Vancouver, B.C. THE CANADIAN PRESS Jonathan Hayward

1 in 3 young Canadians have given up on owning a home: poll

Data released Monday says 36% of adults younger than 40 have given up on home ownership entirely

Canadians have been abandoning their dreams of ever owning a home amid a rise in real estate costs countrywide.

Data released Monday says 36 per cent of adults younger than 40 have given up, according to a Royal Bank of Canada survey of 2,000 Canadian adults.

Of them, 62 per cent expect the majority of prospective buyers to be priced out of the real estate market within the next decade.

“The last year has created both challenges and opportunities for homebuyers,” said RBC home equity financing specialist Amit Sahasrabudhe.

“Many Canadians have been taking advantage of reduced spending over the year to build up their savings and get closer to making their dream of owning a home a reality.”

READ MORE: Double-digit price growth as Metro Vancouver sets all-time real estate sales record

Fourty-four per cent of those surveyed have been able to save more for a home. Of those likely to purchase within the next two years, 60 per cent are putting away an average of $789 per month.

The jump to buy is fuelled by a concern that homes will become less affordable and interest rates will climb, according to the poll.

Sahasrabudhe recommends prospective homebuyers put their finances through “a stress test” to see if they “can continue to carry the cost of owning a home if interest rates increase.”

The average price of a house in Canada was $678,091, according to Canadian Real Estate Association’s February estimate.

Nearly half of Canadians surveyed said their budget is less than $500,000.



sarah.grochowski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Housing MarketReal estate

Just Posted

Missing Surrey man Bernard Grempel. (Photo: Surrey RCMP)
Surrey RCMP seeks help to find missing man

Bernard Grempel was reported missing on Sunday and hasn’t been seen since Friday

Members of Whalley Legion Junior Band at an event in the early 1980s. (Facebook photo)
SURREY NOW & THEN: When the city’s ‘official band’ marched with Whalley Legion title

A weekly look back at Surrey-area landmark sites, events and people

A Surrey man has been charged with assault. (West Vancouver Police)
Surrey man charged after 17-year-old slashed with knife in West Vancouver park

Akash Ram, 19, charged with assault following May 2020 incident

Surrey Fire Service battled a fire at an apartment building in Fleetwood late Friday night (May 14), near 84th Avenue and 160th Street. (Photo: Shane MacKichan)
Surrey firefighters collecting donations for people displaced in Fleetwood apartment fire

56 units impacted by the fire, and several did not have insurance: charitable society

This photo of murder victim Paul Prestbakmo was taken on a recent birthday, not far from where he was found with fatal wounds in August 2019. (Cory Brideau photo)
Verdict expected today for youths accused of killing South Surrey mechanic

Paul Prestbakmo was stabbed to death in August 2019

Members of Whalley Legion Junior Band at an event in the early 1980s. (Facebook photo)
SURREY NOW & THEN: When the city’s ‘official band’ marched with Whalley Legion title

A weekly look back at Surrey-area landmark sites, events and people

Two small dogs were also discovered by the officer, one had died, and the other was taken by animal control and sent for veterinary care with the BC SPCA. (File Photo)
Body discovered in parked van in Mission with 2 dogs, 1 dead

Remains in state of decomposure, surviving dog sent for veterinary care with BC SPCA

A prowling coyote proved no match for a stray black cat who chased it out of a Port Moody parking lot Friday, May 14. (Twitter/Screen grab)
VIDEO: Cat who chases away coyote asked to join Port Moody, Vancouver police 

Caught on camera Friday, the black cat jumps out from under a parked car and runs the wild animal out of a vacant lot

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

The top photo is of a real carbine rifle, while the bottom photo is the airsoft rifle seized from a Kelowna man on May 15. (Contributed)
RCMP issue warning: ‘Imitation firearms need to be dealt with responsibly’

A man brandishing his airsoft rifle in public had his weapon seized by Mounties on Saturday

Abbotsford Regional Hospital. (Black Press Media files)
Canada marks 25,000 COVID-19 deaths since the pandemic began

6 in every 10,000 Canadians died of COVID-19 since March 9, 2020

Staff-Sgt. Svend Nielsen, with the 100 Mile House RCMP. (Melissa Smalley - 100 Mile Free Press)
14-year-old boy killed in serious ATV crash near 100 Mile House

Youth was travelling with a group of peers when the incident occurred last Friday

Relief is coming for B.C.’s struggling tourism sector. (NEWS file photo)
B.C. officials set to announce more support for tourism sector hit hard by pandemic

Non-essential travel is restricted between three regional zones in B.C. until at least May 24

Most Read