Achi news desk-
Many Albertans may be looking to a side hustle or to family members to help pay for the high cost of housing, a new poll suggests.
The RBC Home Ownership Poll, released Tuesday, found that continued high inflation is “eroding” Canadians’ ability to buy a home, especially among those looking to buy within the next two years.
“Among these potential buyers, there has been a 37 per cent reduction in the total amount they have saved to put towards buying a home,” said the poll.
“Among those who have saved some, 36 percent say they don’t put money aside each month to buy a home (up from eight percent in 2023).”
As for Alberta, RBC said nearly 58 percent of residents here are considering a second job or “side hustle” to help afford a home.
More than six in 10 Albertans look to family members to assist them with home ownership, RBC said.
“Financial support from family may not always be an option though with 40 per cent of respondents in Alberta saying they want to give money to family members for housing or rent, but cannot afford to do so,” officials said .
Home ownership difficulties 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 percent of next-time home buyers in Canada feel the housing market in their community is too expensive and 64 percent 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 bigger home.
“Canadians have many moods to face as they try to buy a home today, whether they are a first-time buyer or looking for their next home,” said senior vice president of home equity finance and strategy RBC newcomer Janet Boyle in a news release.
“While affordability concerns remain, our research found that many homebuyers are exploring different methods of realizing their dream of home ownership.”
The online poll was conducted between January 25 and February 23, on a sample size of 2,824 Canadians between the ages of 18 and 64.
For comparison purposes, a probability sample of 2,824 respondents would have a margin of error of +/- 1.8 percent, 19 times out of 20.
