Helping hand from family

Albertans are among the most willing in the nation when it comes to helping family members purchase a home, a new survey has found.

RBC'S Home Buying Sentiment Poll, released earlier this month, found about three in 10 Albertans surveyed would help their children, or other family members, buy a home.

That's slightly below the national average of 31 per cent, led by British Columbians at 37 per cent. Ontarians ranked second at 32 per cent, followed by Alberta in third.

When it came to how much money individuals would pony up to help for a down payment, Albertans again ranked near the top, says Amit Sahasrabudhe, vice-president of home equity finance, products and acquisitions at RBC.

“The polling data tells us they'd give their loved ones an average of $59,958 to support a home purchase.” That's slightly below the national average of $60,513, a figure skewed by Ontario where the average amount respondents would give was $71,663. Albertans were willing to give more on average than any other province except Ontario.

Alberta residents are also generally more upbeat about the real estate market. While 53 per cent of Canadians expect market conditions to worsen in the near future, only 39 per cent of Alberta respondents felt the same way.

“According to the polling data, the sentiment around affordability in Alberta remains slightly more positive than other provinces,” Sahasrabudhe adds.

Only 42 per cent of Albertans surveyed believed home prices were unaffordable, compared with 60 per cent nationally.