- 64% of Quebecers have always dreamed of owning a home
- 27% are likely to buy in the next two years (up from 19%)
- 51% are saving less to buy a home due to inflation
Still, the research found that half (51%) of Quebecers say inflation is eroding their ability to save for a home. This challenge is acutely felt among Quebecers planning to purchase a home within the next two years. Among potential buyers who have some money earmarked for a home, more than a quarter (27%) say they aren't saving every month (up from 5% in 2023). Potential buyers who are setting aside money each month for a home are saving
"Quebecers have a lot of headwinds to face as they look to purchase a home in today's market," says
Quebecers would need to explore various strategies to cover the cost of home ownership
The poll found that almost half (47%) of Quebecers say they would need a side hustle or second job to buy a home. Half (51%) also believe financial support from family is necessary today to buy a home with 28% saying they couldn't afford to buy without an inheritance.
But home buyers in
National Data: Mounting costs and inflation putting pressure on next-time home buyers
On a national level, two-thirds (66%) of next-time home buyers (i.e. those who currently own a home and are likely to buy again in the next two years) are concerned about covering the costs of home ownership. Additionally, half (51%) of next-time home buyers say they are worried about their ability to buy their next home due to inflation.
The research also found that three-quarters of next-time home buyers (76%) believe the housing market in their community is overpriced. Two-thirds (64%) say they wouldn't be able to purchase their first home in today's market and the same proportion (64%) believe they would need to move out of the city they are currently living in if they wanted to buy a larger home.
National Data: Newcomers are eager to buy in the near future
Among newcomers who arrived in
"Whether it's your first or next home, it's easy to feel overwhelmed when thinking about buying a home," adds Francavilla. "Getting expert advice and having conversations early can help take a lot of the unknowns and stress out of the home buying process. Having a financial expert on your side who has a full picture of your finances can also help you build a home buying plan that works for you, whether you are just starting to save or just need some help to cross the finish line."
RBC resources to help home buyers at every step:
- RBC True House Affordability Tool: See how much home you may be able to afford and learn about different mortgage options.
- RBC Home Value Estimator: See what your current home may be worth today.
RBC Mortgage Specialists : Speak with an expert who can help you understand the total cost of home ownership and develop a plan that fits your overall financial goals and lifestyle.- My Money Matters: Whether you are looking to buy your first home, second home, or even an investment property, you can find answers to all your mortgage financing and refinancing questions and helpful resources through RBC's new online resource hub.
2024 RBC Home Ownership Poll
RESPONSE | QC | CAN | BC | AB | SK / | ON | AC | NTHB | Newcomers |
% Agree – Base: All Respondents | |||||||||
Always dreamed of owning | 64 % | 64 % | 64 % | 54 % | 66 % | 66 % | 65 % | 66 % | 73 % |
Rising inflation is causing | 51 % | 50 % | 51 % | 51 % | 58 % | 50 % | 44 % | 64 % | 68 % |
Would need a side hustle or | 47 % | 57 % | 62 % | 58 % | 62 % | 60 % | 53 % | 51 % | 75 % |
Have/will need to live with | 20 % | 27 % | 32 % | 25 % | 30 % | 31 % | 19 % | 30 % | 46 % |
Would need to overhaul my | 38 % | 45 % | 52 % | 43 % | 50 % | 45 % | 48 % | 51 % | 49 % |
Financial support from | 51 % | 62 % | 67 % | 64 % | 58 % | 68 % | 56 % | 64 % | 69 % |
Have/will buy a home with | 14 % | 19 % | 23 % | 13 % | 20 % | 22 % | 13 % | 33 % | 41 % |
Prefer to help my | 51 % | 54 % | 51 % | 53 % | 55 % | 58 % | 51 % | 64 % | 61 % |
We only have a small | 26 % | 34 % | 36 % | 32 % | 36 % | 39 % | 36 % | 50 % | 56 % |
Housing market in my | 73 % | 77 % | 85 % | 65 % | 76 % | 79 % | 82 % | 76 % | 72 % |
Unless I receive an | 28 % | 35 % | 43 % | 29 % | 38 % | 38 % | 35 % | 32 % | 38 % |
Expect to be paid back if | 49 % | 48 % | 43 % | 56 % | 49 % | 46 % | 44 % | 60 % | 52 % |
Buying a house or condo is | 50 % | 60 % | 67 % | 60 % | 59 % | 62 % | 59 % | 79 % | 79 % |
Likely to buy in the next two | 27 % | 29 % | 31 % | 31 % | 31 % | 30 % | 21 % | 100 % | 65 % |
In terms of inflation, | 43 % | 58 % | 60 % | 61 % | 65 % | 63 % | 60 % | 66 % | 76 % |
In terms of inflation, | 36 % | 44 % | 52 % | 40 % | 41 % | 47 % | 39 % | 51 % | 71 % |
Would give family members | 42 % | 39 % | 40 % | 40 % | 32 % | 39 % | 39 % | 30 % | 40 % |
% "Agree" – Base: Homeowners | |||||||||
While I already own a | 65 % | 69 % | 75 % | 64 % | 63 % | 72 % | 76 % | 64 % | 54 % |
If I want to own a | 43 % | 51 % | 67 % | 44 % | 43 % | 56 % | 47 % | 64 % | 57 % |
*NTHB - next-time home buyers (i.e. those who currently own a home and are likely to buy again in the next two years) |
About the Survey
An online survey of 2,824 Canadians, including n=711 from
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