Canadians expect to be 41 when they buy their first home

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeReal EstateFirst-Time HomebuyersCanadians expect to be 41 when they buy their first homeMany Canadians looking to buy a home are now considering multi-generational livingLast updated 3 minutes ago The report also found that deciding when to enter the market comes with competing concerns about where home prices could go next. Photo by Peter J Thompson/PostmediaThe average Canadian only expects to buy their first home at the age of 41, 12 years older than when current homeowners bought theirs, a poll by the Royal Bank of Canada on home ownership says.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountFor about half of non-homeowners, they simply don’t know when they will buy.“Many first-time buyers expect to buy more than a decade later than current homeowners,” RBC’s report said.This advertisement has not loaded yet, but your article continues below.The survey found that most Canadians feel that buying a home today looks very different than it did for previous generations, with 74 per cent of respondents believing it is more complicated than it used to be.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThey’re also more wary of what previous generations tell them about buying a home. The poll said 65 per cent feel past generations don’t understand the challenges of buying now, and 52 per cent feel that home buying advice from previous generations is no longer true.Meanwhile, many Canadians looking to buy a home are considering multi-generational living.The survey said 53 per cent of those planning to purchase their first or next home within the next two years would consider a multi-generational home. Among current owners, 35 per cent say they would sell their current home and buy one with their child to help them get into the market.Multi-generational living is becoming more common for some. Almost 35 per cent of prospective buyers cite housing affordability for considering this, and 32 per cent believe it’s a smart way for families to manage housing costs. For 26 per cent of prospective buyers, multigenerational living is more out of necessity than choice.This advertisement has not loaded yet, but your article continues below.“Canadians are finding new ways to make one of life’s biggest purchases possible,” said Janet Boyle, senior vice-president of home equity finance at RBC.Boyle said many families pool funds to buy a home sooner and share the costs.The report also found that deciding when to enter the market comes with competing concerns about where home prices could go next.Half of prospective buyers worry waiting could price them out of a home, while half worry about buying and prices falling further, while another half worry about buying now only to see prices fall.Mortgage renewals is also another financial pressure Canadians face. For current homeowners renewing within the next two years, 51 per cent say it feels almost as stressful as buying their first home.The poll said 82 per cent are concerned about interest rate increases in the coming year, 60 per cent expect their next renewal to strain their household finances, and 42 per cent wish they had started planning for their renewal earlier.“Canadians are trying to make one of life’s biggest decisions in a complex market, and that’s genuinely difficult,” said Boyle.RBC’s homeownership poll was conducted with an online survey of 1,810 Canadians aged 18 to 64 between Aug. 5 and 24 using Leger’s online panel.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.