B.C. inflation crisis hits home: 64% of residents delaying house plans
B.C. leads Canada with inflation concerns. Nearly 10 percentage points higher than national average as housing dreams slip further away.
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British Columbians are being hit harder by inflation than any other province when it comes to saving for a home, according to a new RBC poll.
Sixty-four per cent of B.C. residents say inflation is causing them to save less for a home—nearly 10 percentage points higher than the national average of 56 per cent. Seventy-six per cent report that rising costs have made it harder to save money generally, and nearly eight in ten say home ownership today requires more sacrifices than for previous generations.
"Rising costs and shifting economic conditions have made every step of the homebuying journey feel higher-stakes, and the pressure of whether to act is weighing on Canadians," said Janet Boyle, senior vice president of Home Equity Finance for RBC.
The timing is acute: Canada's inflation rate surged to 3.2 per cent in May, up from 2.8 per cent in April—the highest level in over two years. Statistics Canada attributed the jump partly to a 33.2 per cent year-over-year increase in gas prices.
The affordability crunch extends beyond housing. Grocery costs are also straining B.C. households. In a separate survey by Interac and Burson, just 58 per cent of people in a shared household in B.C. reported managing a grocery budget well together—the lowest rate in the country. Single respondents across Canada reported disproportionately higher per-person costs than couples.