A new national survey from the Royal Bank of Canada suggests residents of Manitoba and Saskatchewan are more worried than people in any other region about waiting too long to buy and being priced out of the market. It’s also taking some Winnipeggers years to buy their first house. “It was more of a we got to get into it now or else by this time next year it’s going to be even higher and we’re going to get priced out again,” said North Kildonan resident Andrew Van Seggelen. RBC told CTV News it surveyed just over 1,800 people across the country who either own a home or are currently looking for one. Sixty-nine per cent of Manitoba respondents said they are worried about being priced out. The survey also found first-time homebuyers are getting older, now averaging 41. “I was 38 when I bought this house,” Van Seggelen said Wednesday. “Unfortunately, more and more people just have to wait even longer and stay living with their parents or with multiple roommates.” Some are even sharing a home across several generations. Forty-one per cent of Manitobans surveyed said multigenerational living is a smart way to manage costs, and Van Seggelen said a number of his neighbours are doing just that. “We’re seeing this move towards saying ‘I do want to buy, I don’t want to delay my dream of home ownership and I’m willing to do that with family members,’” said Janet Boyle, RBC’s senior vice-president of home equity financing. The survey also suggests the idea of a starter home is fading. Sixty-seven per cent of Manitobans said they would rather stay in a home longer than buy one they might outgrow. Local realtors told CTV News that doesn’t match what they see. “That’s completely false at least in Winnipeg, there is a ton of opportunities still in the entry level market specifically,” said Ed Dale, a RE/MAX realtor. “Again, when you start looking at average rent costs versus mortgage payments, it’s still cheaper to own.” “In Winnipeg we’re still seeing sub 400,000 flying off the shelf, those still sell really well,” said Sean Kirady, a realtor with RE/MAX One Group. “You can still find good value, you can still expect the Winnipeg market to gradually appreciate.” Van Seggelen, who bought his home last year, hopes it can still be considered a starter home for his family. “The ultimate plan is just to be in there for a few years fix it up and see if we can move on to something else but is that realistic anymore, I don’t know?” Van Seggelen said.
