Most Canadians plan a home purchase even in spite of all the difficulties

Although real estate prices keep showing fast growth and the uncertainty concerning the COVID-19 pandemic is still there, 80% of Canadians still consider homeownership a good investment option, according to the recent survey by RBC.

The poll also shows that 56% plan to buy a property.

Nevertheless, high housing prices are bringing more challenges for potential buyers. About six in ten respondents (59%) say real estate prices in their area are unaffordable for them. The average national home-buying budget is almost $445,237, while the average national home price is $607,280, says the Canadian Real Estate Association.

That’s why 45% of respondents say they’ll likely move out of their current city in case they want to purchase a larger property. About four out of ten plan to buy a home over the next two years, and 38% of them are looking for a variant in the suburbs. Another 26% plan to search even beyond the suburbs in a rural area.