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Side gigs, family help necessary for homeownership in B.C., says RBC survey

Financial support from family also proving crucial to homeownership, according to RBC poll.
More than eight in 10 B.C. residents think the housing market is overpriced in their community, according to a new RBC poll.

Moonlighting is a must for homeownership.

At least that’s the general sentiment among British Columbians, according to an RBC poll released Tuesday.

Sixty-two per cent of West Coast respondents say a second job is necessary to own a home in the province, tying Saskatchewan and Manitoba residents for the largest proportion of side-hustling (potential) homeowners in Canada.

"While affordability anxiety remains, our research found that many homebuyers are exploring different approaches to realize their dream of homeownership,” Janet Boyle, RBC senior vice-president, home equity finance and newcomer strategy, said in a statement.

The survey found relying on the bank of mom and dad is among those different approaches, with 32 per cent of B.C. respondents saying they’ll have to live with their parents longer to save up to buy a home.

That’s the highest proportion among all the provinces.

And 67 per cent say they need financial support from family to get in on the market. That’s second only to Ontarians (68 per cent).

Meantime, 52 per cent of hopeful B.C. homebuyers say they’d need to overhaul their spending and saving habits to make that big purchase. Again, the highest proportion among all provinces.

British Columbians also lead the way on negative vibes towards the housing market within their local communities, with 85 per cent describing it as overpriced. Atlantic Canada came in second at 82 per cent.

The survey polled 2,824 Canadians aged 18-64 between Jan. 25 and Feb. 23, 2024, using Leger's online panel.

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