• Quebecers least likely to worry about buying or affording a home over the next year
• 35% expect to pay less for a home now than they would have a year ago

TORONTO, April 11, 2023 /CNW/ - Quebecers are less worried about the costs of home ownership and are least likely to compromise their lifestyle or certain milestones to afford a home, according to the annual RBC Home Ownership Poll.

The research found that more than a third (35%) of respondents in Quebec expect to pay less now for a home than they would have a year ago, and almost the same amount are optimistic about the housing market over the next year (34%, highest nationally). This could be contributing to why Quebecers are least worried about buying or affording the cost of a home over the upcoming year (34% versus 48% for the rest of Canada).

When looking at balancing the costs of home ownership, about one-in-five Quebec respondents say they have or will need to scale back on their wedding (17%), delay having children (17%) or live with their parents longer (17%) to afford a home, compared to 36%, 40% and 35% respectively for the rest of Canada. Only 42% would be willing to scale back on vacations and just 35% would delay a big purchase to afford a home, versus 72% for the rest of Canada.

"Potential home buyers in Quebec have often stood out in their desire to balance the cost of buying a home with other financial priorities, both big and small," says Pascal Berger, mortgage specialist, RBC. "But spring is typically a busy home buying season and we anticipate many potential home buyers in the province may be seeing a window of opportunity opening for them."

While the research found the majority of Quebecers feel it is still a seller's market (51%), it's down from 77% in 2022, which may indicate many Quebecers think the seller's market has passed its peak. Many Quebecers may not wait too long to buy with almost a quarter (23%) believing there is only a small window of time to take advantage of lower house prices and 40% saying there will be no peak to how high house prices will go once they start rising again.

Quebecers are least likely to give money to family to buy a home
Almost seven-in-10 Quebec respondents (68%) say they would not give an immediate family member or their child money for a new home (highest nationally, up from 63% in 2022) and 43% said they would prefer to help family or children save money by letting them live with them rather than helping them financially. For those willing to give financial support, they would provide $56,479 on average (up from $29,598 in 2022).

National Data: Many pre-first time home buyers are optimistic about the future
On a national level, almost three-quarters (73%) of all pre-first time home buyers* say buying a house or condo is a good investment with 78% saying they will be in a better position to buy a home this year compared to previous years. The majority also say that lower home prices will finally allow them to buy a home despite higher interest rates (68%) and that homes will be more affordable in the near future (51%).

"We're seeing many potential home buyers taking extra time to plan, save and ensure they're getting into the market when it's right for them. At the same time, there has been a wave of optimism among buyers who are looking to get into the housing market for the first time," says Berger. "Regardless of your market outlook or when you're planning to buy, speaking with an expert can help you explore your options and build a plan on how to get there."

Berger adds that there are many online tools and resources available to help every step of the way:

• RBC Mortgage Specialists – speak with an expert who can help you understand the total cost of home ownership and develop a plan that fits your overall financial goals and lifestyle.
• RBC True House Affordability Tool – see how much home you may be able to afford and learn about different mortgage options.
• RBC Home Value Estimator – see what your current home may be worth today.
• discover.rbcroyalbank.com/homes/ - get access to helpful articles and advice.

Quebec and Regional Data Table

About The Survey
An online survey of 2,756 Canadians was completed between January 10 and January 23, 2023 using Leger's online panel, LEO. Leger's online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). A probability sample of the same size would yield a margin of error of ± 1.9 per cent, 19 times out of 20.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

SOURCE RBC Royal Bank

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