Many single Canadians can afford to buy a house but shy away

By The IJ Staff | February 05 2019 11:30AM

Photo: Freepik

One quarter of single Canadians are thinking about buying a home on their own but don’t take the plunge citing economic uncertainty and expensive house prices, says a RE/MAX survey.

However, more than 80 per cent of singles who want to buy a house say they can financially afford to do so, says the survey. More than one-third (37 per cent) of single buyers would use a loan or mortgage, and 35 per cent have the savings available to make the down payment.

“It's concerning to see qualified buyers showing hesitancy toward home ownership. Price and economic factors aside, the additional unnecessary layers of government intervention have left many feeling pushed out of the market, or uncertain of it,” says Christopher Alexander, executive vice president, RE/MAX of Ontario-Atlantic Canada. “However, despite these factors, it's important to remember that buying Canadian real estate is still one of the safest and most reliable financial investments one can make.”

Many believe buying a home is a good investment

More than one-third of single Canadians who want to buy a home agree, saying it is a good investment. The second most common reason for single Canadians wanting to buy a home is to have more flexibility in their living space (27 per cent).

“Purchasing a property alone often reaps great long-term benefits from an investment perspective,” says Elton Ash, Executive Vice President, RE/MAX of Western Canada. “There is a great opportunity for asset growth, particularly as home prices continue to increase in cities like Toronto and Vancouver, pushing the average sales price up in all surrounding regions as well.”