When Reality Sets In

RBC poll says many #homebeliever dreams in jeopardy

BY ALEX PICCINI

On May 20th, the Ontario Home Builders’ Association hosted the second session of our #homebeliever webinar series. Tonya Currie, RBC Senior Director of Home Equity Distribution, shared some important insights from the 2021 RBC Spring Housing Poll. This annual poll provides #homebeliever insights and highlights key homebuyer behaviour and intentions for the coming years.

In the first session, Mike Moffatt, investment advisor and V.P. with RBC Dominion Securities, presented some important population data through his Ontarians on the Move research, noting that population growth is creating higher demand for housing across Ontario than the supply can accommodate.

The RBC Spring Housing poll captures this sentiment, noting that almost 40% of Ontarians polled under the age of 40 had given up on

the dream of homeownership. As Currie explains, that eye-catching result matches with 71% of Ontarians polled, who believe that the majority of Canadians will be priced out of the housing market in the next decade.

The poll also confirmed, however, that Canadians believe that housing continues to be a valuable investment, and Currie shared that RBC continues to see the drive to qualify, as well as the reliance on the ‘Bank of Mom and Dad,’ through their mortgage services division across Ontario.

Along with housing demand, there continues to be strong renovation activity as well, as #homebelievers continue to rediscover their homes during COVID and make improvements to improve the quality of their stay-athome experience.

The RBC poll serves as a realitycheck of the ongoing housing conditions that face Ontarians.

Ontario continues to attract new people, but the current population growth has not been matched by the housing supply on the market. That has left people struggling to attain housing they want. As OHBA President Bob Schickedanz reminded the audience, with 2 million more #homebelievers joining Ontario communities in the next 20 years, the elephant in the room remains the need to build 1 million homes to make #homebelievers dreams a reality.

The RBC poll confirms the action that #homebelievers need. With almost 40% polled under age 40 giving up on the dream of homeownership, municipal, regional and provincial partners are required to work together with industry to bring the next generation of housing supply and choice to communities across Ontario.

To view Tonya Currie’s presentation, check out OHBA’s YouTube page at https://www.youtube.com/watch?v=Woldcne72fw.