Inflation 'eroding' the ability of Albertans to buy a home: RBC poll

Many Albertans may be looking for a side hustle or to family members to help cover the high cost of housing, a new poll suggests.

Many Albertans may be looking for a side hustle or to family members to help cover the high cost of housing, a new poll suggests.

RBC's Home Ownership Poll, released on Tuesday, found that continued high inflation is "eroding" the ability of Canadians to purchase a home, especially among those who are looking to buy within the next two years.

"Among these potential buyers, there has been a 37 per cent decrease in the total amount they have saved to put towards buying a home," the poll said.

"Among those who have saved some amount, 36 per cent say they aren’t putting aside money every month for a home purchase (up from eight per cent in 2023)."

When it comes to Alberta, RBC said nearly 58 per cent of residents here are considering a second job or "side hustle" to help afford a home.

More than six-in-10 Albertans are looking to family members to assist them with home ownership, RBC said.

"Financial support from family might not always be an option though with 40 per cent of respondents in Alberta saying they want to give family members money for housing or rent, but can’t afford to do so," officials said.