Despite Challenges, Majority of Canadians Plan to Buy a Home
Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.
That’s from RBC’s latest Home Buying Sentiment Poll, which also found more than half (56%) aspire to purchase a home.
High home prices, however, are taking a toll. Roughly six in 10 respondents (59%) say home prices in their area are unaffordable. The average national home-buying budget is approximately $445,237—well shy of the average national home price of $607,280, according to the Canadian Real Estate Association’s December data.
As a result, nearly half (45%) of those polled said they’ll likely have to move out of their current city if they want to buy a larger home. Nearly four out of 10 plan to buy a home in the next two years, and of those, 38% are searching for a place in the suburbs or a commuter city, while 26% plan to look beyond the suburbs in a more rural community.
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