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

Fraser Health registered nurse Kai Kayibadi draws a dose of the Pfizer COVID-19 vaccine into a syringe at a walk-up vaccination clinic at Bear Creek Park, in Surrey, B.C., on Monday, May 17, 2021. To reduce long lines and wait times the first 1,000 Surrey residents to arrive at the neighbourhood clinic on both Monday and Tuesday will receive wristbands and a same-day appointment. The effort is in addition to the provincial vaccination plan which is now open for bookings to anyone who is 18 years and older. THE CANADIAN PRESS/Darryl Dyck
69 new cases of COVID-19 reported in Interior Health

The province, in total, recorded 411 new cases showing a downtrend of new infections

Council has allocated funding in the 2021 budget to upgrade and restore this part of the Gartrell Trail named after Summerland pioneers Fred and Mary Gartrell. (John Arendt - Summerland Review)
COLUMN: Providing answers about Summerland’s Gartrell Trail

This 225-square-metre strip of land lies between the existing Gartrell Trail and the high water mark

WorkSafe BC is out in the Interior making sure wineries, cideries and breweries are adhering to COVID-19 safety protocols. (File photo)
WorkSafe visiting Interior wineries, cideries and breweries ahead of tourist tasting season

40 field inspections and 35 consultations are expected over next few weeks

B.C. RCMP released these two photos of Erick Fryer (left) and Carlo Fryer (right). The two brothers from Kamloops were found dead near a remote road in Naramata May 10, 2021. (RCMP photo)
Slain Kamloops brothers found near Penticton not likely connected to recent B.C. gang wars: RCMP

Police confirm the bodies found near Naramata as Erick Fryer, 29, and Carlo Fryer, 31

Send your letter to the editor via email to news@summerlandreview.com. Please included your first and last name, address, and phone number.
LETTER: Summerland’s lakeshore land should be protected

There is an opportunity to restore this important lakeshore habitat for fish and wildlife

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: Little but fierce: Cat spotted chasing off coyote by Port Moody police

The black cat is seen jumping out from under a parked car and running the wild animal out of a vacant lot

A forest of dance-protesters outside the BC Legislature on April 11. These participants were doing the Dance for the Ancient Forest in support of the Fairy Creek blockade and against old-growth logging. (Zoë Ducklow/News Staff)
Arrests begin at Fairy Creek blockade on Vancouver Island

Five protesters arrested as RCMP begin to enforce injunction

A thunderstorm pictured in Fraser Valley in 2021. (Black Press Media/Jaimie Grafstrom)
Wildfire concerns sparked after 320+ lightning strikes blasted B.C. yesterday

Approximately one-quarter of the province is currently listed as being at moderate risk of fire

Coldstream Fire Department was quick to arrive and knock down a fire Sunday, May 16, in a Matner Lane orchard just up the hill from the firehall on Aberdeen Road. (Jennifer Smith - Morning Star)
Coldstream fire crews quick to knock down blaze

Fire broke out just before 2:30 p.m. on Matner Lane, which is just up the hill from the firehall on Aberdeen Road

Several RCMP cruisers stationed out front of Kelowna’s Global Fitness following a shooting on the morning of Monday, March 29. The shooting was later revealed to be gang-related. (Michael Rodriguez/Capital News)
B.C.’s top gangs are operating in Kelowna: RCMP

‘We have all of the major gangs in Kelowna,’ said Supt. Kara Triance

Crews battled a grass fire behind the Tolko mill along the railway tracks off Otter Lake Cross Road in Spallumcheen Monday, April 26. (Caitlin Clow - Morning Star file)
Reports of man lighting Vernon fires with blowtorch

Grassfires sparked near train tracks, behind bottle depot

Kelowna RCMP precinct. (Michael Rodriguez/Capital News file)
Kelowna RCMP promotion process tainted with bias: federal judge

An officer was passed over for a promotion in 2015

A restaurant server on White Rock’s Marine Drive serves customers on a roadside patio. Indoor dining and recreational travel bans have been in effect since late March in B.C. (Peace Arch News)
B.C.’s COVID-19 infection rate falls to 411 cases Tuesday

360 people in hospital, up slightly, two more deaths

The Banff National Park entrance is shown in Banff, Alta., Tuesday, March 24, 2020. THE CANADIAN PRESS/Jeff McIntosh
Minister asks Canadians to camp carefully in national parks as season starts

Kitchen shelters in Banff National Park closed, trails on Vancouver Island will only be one-way

Most Read