Most Ontarians will need a second job to buy a home in 2024

Owning a home in Ontario, one of the most expensive provinces in Canada, has become an unattainable dream for many people. A new survey shows that most potential buyers in the province need a second job to finance housing.

According to RBC's annual homeownership survey, 60 percent of Ontarians surveyed believe they need a second job to buy a home.

In addition, 50 percent of those surveyed admitted that rising inflation has reduced their ability to save for a home, while 31 percent said they would have to live with their parents to buy a home.

This research shows that many potential buyers are looking for different solutions to realize their dream of owning a house.

In Ontario, 45% of respondents believe they will need to change their spending and saving habits to buy a home, while 68% believe buying a home is now possible with family financing.

Despite this, only 30% of respondents said they would likely buy a home in the next two years, while 56% said they would likely have to leave their current city to buy a suitable or larger home.

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