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Summary

Over A Third Of Young Canadians Have Given Up On The 'Dream Of Home Ownership'

Over 40% of Western Canadians have totally given up.

Over A Third Of Young Canadians Have Given Up On The 'Dream Of Home Ownership'
Rodrigolab | Dreamstime
Contributor

Young Canadians are starting to abandon the concept of one day buying a home in Canada. In fact, a new report from RBC shows that 36% of non-homeowners under the age of 40 say that they've given up on the dream of ever owning a home in Canada.

While nearly two in five survey respondents said that they'll never own a home in the country, even more people feel that way in Western Canada. According to the data, 41% of people across Alberta, Saskatchewan, Manitoba and B.C. aren't feeling very optimistic about their chances at diving into the real estate market.

On the flip side, 60% of the respondents said that they are likely to buy a home in the next two years and they even shared how much money they're putting aside each month to try and make that happen.

In Western Canada, people are putting aside an average of $500 per month. In comparison, Ontarians who are planning to buy soon are saving an average of $1,000 a month.

Beyond that, 62% of the young Canadians who were surveyed said that they "believe that the majority of Canadians will be priced out of the housing market in the next decade."

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  • Britanny Burr
    Britanny Burr was a Staff Writer at Narcity Canada, who drove growth within Narcity's Western coverage and readership. Having lived between her hometown, Canmore, Alberta and Calgary, Montreal, Vancouver, and NYC over the past 10 years, she is obsessed with finding the best local hot spots. She holds a B.A. in English and has over six years of professional writing experience as Head Writer and Editor for YUL.Buzz in Montreal, and Creative Copywriter at JAKT in NYC. News by day, poetry by night — the written word is Britanny's nearest and dearest.

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