Humberwood heights towns . Nearly half of people under the age of 40 give up buying a house? Owning a house in Ontario has long seemed out of reach for young people, especially in Toronto.
Nearly half of those under the age of 40 who have not yet bought a house have completely given up on their dream of buying a house, according to a new poll. According to a spring housing poll released by the Royal Bank of Canada (RBC) on Monday, 36 per cent of non-homeowners under the age of 40 in Ontario said they had given up their dream of owning a home because the average house price in the province had risen to C $887695.
The poll, called Ipsos, was conducted at the Royal Bank of Canada from January 21 to 28. It sampled 2000 Canadians aged 18 and older. The survey found that 71% of Ontorians believe that in the next 10 years, most Canadians will be kicked out of the housing market because house prices are too high.
But while a large proportion of Ontario’s younger generation have accepted that they may rent for the rest of their lives, 83% of all Ontario respondents said they still think buying property is a good investment.
Forty-four percent of Ontario residents surveyed said they could save more money than before during the pandemic. It seems that this period of instability has helped many people save money for exorbitant down payments.
In total, 28 per cent of Ontario residents of all ages said they were likely to buy homes within the next two years. According to opinion polls, 35% of them said the reason they chose to buy a house as soon as possible rather than waiting was low interest rates.
A press release on the survey said: “Canadians will consider a number of factors when considering whether to buy a house now or in the future. According to opinion polls, low interest rates and concerns about declining housing affordability are key reasons why many Canadians are considering buying homes as soon as possible. “
Fifty-four per cent of Ontario residents who said they were likely to buy homes in the next two years said they could save an average of 1000 yuan a month as a down payment. Eighty-five percent of them said they had saved some money to buy a house, with an average cumulative value of 50,000 yuan. 32% said that if they did buy a new house, their budget would be less than 500000 yuan.
Amit Sahasrabudhe, vice president of housing products and acquisitions at Royal Bank of Canada, said in a statement: “rising down payment prices are usually the biggest obstacle to buying a house, especially if prices continue to rise during the epidemic. Although everyone’s financial situation is different, many Canadians have been accumulating wealth through reduced spending and are closer to realizing their dream of owning a house. “