March 22, 2022 2:45pm
RBC reported its annual Home Ownership Poll showed attitudes are shifting as Canadians get into the post-pandemic mindset.
It found purchase intent is now back to what it was in January 2020 with almost a quarter (23%) of respondents saying they are likely to purchase a home in the next two years. That’s compared to 30% in 2021 and 22% in 2020.
The research also found the need for more space may be taking a back seat with almost three-in-five respondents (59%) saying location is more important than buying a larger home as we return to normal.
54% of respondents said they are stressed knowing they may need to buy a home farther away from family and friends. Thirty per cent also say that due to increasing prices they have/will need to live with their parents longer in order to save enough to buy a home.
In addition to current prices, many respondents may be delaying purchasing a home as they continue to feel the financial impact of the pandemic. The survey found that 40% of respondents are feeling financially overwhelmed, while 42% are worried their financial position may deteriorate over the next year. One-in-five say they are providing financial support to a family member because of the pandemic.
The research also found that almost two-in-five (37%) plan to continue to spend less post-pandemic so they can put the savings towards buying a home, while almost the same percentage of respondents (33%) believe they will struggle to cover the cost of owning a home as they return to pre-pandemic spending habits
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