1 in 4 is house poor

One in four Canadians is “house poor,” according to a new survey by RBC.

The annual home ownership poll found 25 per cent of respondents spend 30 per cent or more of their income on home ownership. And a whopping 39 per cent say they either are or have been house poor in the past.

However almost half (47 per cent) say it's worth the sacrifice.

The survey also revealed the make-up of home buyers has also seen a distinct change from the more traditional trend of buying with a partner or spouse. Today, almost as many home buyers are planning to purchase with their family (28 per cent), as those who say they can purchase solo (32 per cent).

"We're seeing a fundamental contrast in who's at the buying table," said Nicole Wells with RBC. "There is a surge in confident, in-control solo home buyers and, on the polar opposite end, those who are saying they can't do it alone and need the assistance of family."

  • Fifty-six per cent plan to wait to purchase a home, but eight-in-10 say a home or condominium is still a good investment. 
  • Sixty-six per cent feel it makes more sense to buy than rent. 
  • Affordability (21 per cent) and being in a safe neighbourhood (20 per cent) are the top priorities for home buyers. 
  • First-time homebuyers are most concerned about potential interest rate increases. 
  • More than half of first-time homebuyers (56 per cent) say they may buy sooner because of concerns over interest rate hikes.

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