Most Ontario residents need to work a second job to afford a home in 2024

Dreams of owning a home in one of Canada's most expensive provinces continue to move further out of reach for most Ontario residents, with a new survey revealing that the majority of prospective homebuyers here would need another form of income to afford a property. 

According to RBC’s 30th annual Home Ownership Poll, 60 per cent of Ontario residents polled said they would need a side hustle or a second job to afford buying a home in the province. 

The online survey of 2,824 Canadians aged 18 to 64 was completed between January 25 and February 23. 

Fifty per cent of Ontario residents surveyed also said that rising inflation is causing them to save less for buying a home, while 31 per cent admitted that they have or will need to live with their parents longer to buy a home. 

Despite affordability challenges and inflationary pressures, dreams of owning a home one day are still very much alive for most Ontario residents. 

Looking at the country as a whole, 60 per cent of Canadian respondents said they believe owning a house or condo is a good investment — an increase from 53 percent in 2023. 

"Canadians have a lot of headwinds to face as they look to purchase a home today, whether they are a first-time buyer or searching for their next home," said Janet Boyle, Senior Vice President, Home Equity Finance & Newcomer Strategy, RBC.

"While affordability anxiety remains, our research found that many home buyers are exploring different approaches to realize their dream of home ownership."

It now takes 39 years for an average person to buy a home in the GTA https://t.co/zowufebS5n

— blogTO (@blogTO) March 12, 2024

In Ontario, 45 per cent of respondents said they would need to overhaul their spending and saving habits to buy a home, while 68 per cent agreed that financial support from family is necessary to purchase a property nowadays. 

Despite these saving options, only 30 per cent of those polled in Ontario said that they are likely to buy a home in the next two years, while 56 per cent admitted that they will likely have to move out of the city they currently live in to buy a home or a larger property.