Over half of Albertans say they need a second job to buy a home
Alberta’s housing market is booming no matter which city you live in and a lot of residents are having a hard time keeping up with the cost.
The Royal Bank of Canada (RBC) released its 30th annual Home Ownership Poll, which found thatĀ demand to buy into the market continues to rise despite the unfavourable conditions.
The survey, completed between January 25 and February 23, received 2,824 responses from Canadians aged 18 to 64.
Findings show more Canadians under the age of 65 think buying a condo or house is a good investment. 60% of respondents in that demographic say investing in a home is a good idea which is up from 53% in 2023. Not only do most people agree it’s a practical decision, as many as 64% say it’s always been a dream to own their own home.
It won’t be surprising to hear that the poll also found that achieving that dream seems out of reach for many Albertans.
RBC
External factors like inflation have influenced potential home buyer’s abilities to save for a downpayment.
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Among those who plan to buy a home in two years, 37% say they saw a decrease in the total amount they saved towards their goal.
Canadians are also having to adapt to different ways to help build up those savings.
The majority of respondents (57%) say they would need a side hustle or second job, and 27% say they would have to live with their parents longer to afford a home.
A solution might also lie in budgeting, with almost 45% saying they would need to overhaul their spending and saving habits to buy a home.