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Home-buying intentions go back to pre-pandemic levels: RBC Poll

Home-buying intentions go back to pre-pandemic levels: RBC Poll
Canada NewsWire
TORONTO, March 21, 2022

56% of Quebecers say location is more important than size as we return to normal 19% of mortgage holders in Quebec haven’t considered what they …

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Home-buying intentions go back to pre-pandemic levels: RBC Poll

Canada NewsWire

  • 56% of Quebecers say location is more important than size as we return to normal
  • 19% of mortgage holders in Quebec haven't considered what they could afford if interest rates rise
  • Average home buying budget for Quebecers rises by more than $50,000 year-over-year

TORONTO, March 21, 2022 /CNW/ - Home-buying attitudes are shifting as Quebecers get into the post-pandemic mindset. According to the annual RBC Home Ownership Poll, purchase intent among Quebecers is now back to what it was in January 2020 with one-in-five (20%) respondents saying they are likely to purchase a home in the next two years, compared to 36% in 2021 and 19% in 2020.

The research also found the need for more space may be taking a back seat with more than half of respondents in Quebec (56%) saying location is more important than buying a larger home as we return to normal. Only 21% say they are willing to be further away from amenities to afford a larger home. For Quebecers who rent, more than a quarter (26%) feel less pressure now to buy than during the peak of the pandemic.

"While there is still a significant amount of activity in the market, our research indicates that the rush of people looking to purchase a home over the last two years has subsided and we're now starting to see a move back to pre-pandemic levels," says Pascal Berger, Mortgage Specialist, RBC. "Between rising costs and the competitiveness of the market, Quebecers may now be taking a step back and setting aside more time to plan and save before making the jump into home ownership."

Stress, spending and rising prices
Of those who say that housing prices have impacted major milestones in their life almost two-in-five (38%, lowest regionally) respondents in Quebec say thinking about buying or saving for a home as prices rise is causing stress in their relationship, while 45% are stressed knowing they may need to buy a home farther away from family and friends. Almost a quarter (23%) also say that due to increasing prices they have/will need to live with their parents longer in order to save enough to buy a home.

The research also found that more than a third (36%) of Quebecers plan to continue to spend less post-pandemic so they can put the savings towards buying a home, while 22% (lowest regionally) believe they will struggle to cover the cost of owning a home as they return to pre-pandemic spending habits.

"Buying a home is the largest purchase most people will ever make, so it's natural that it comes with a certain level of stress, especially in today's market," says Berger. "While home buyers can't control market factors, taking the time to create a plan and understand where they are financially can help them feel more in control of the home buying process."

On the rise: Interest rates, inflation and home buying budgets
While half (50%, lowest regionally) of respondents in Quebec are concerned about interest rates rising in the coming year, a similar amount (51%, highest regionally) say they and/or their family are well-positioned to weather a potential increase. One-in-five (19%) Quebec respondents with a mortgage haven't yet considered what they could afford if rates were to rise.

When it comes to rising inflation, 44% of respondents in Quebec are worried about the impact it will have on their ability to purchase a home, while 48% (lowest regionally) are concerned it will affect their ability to cover the costs of owning a home.

The research also found there has been a big increase in how much Quebecers plan to budget and save for a home. On average, respondents who have a budget in mind if they were to purchase a new home, say their budget would be $352,578, compared to $298,971 in 2021. At the same time, those who already have some savings earmarked for a home purchase say they now have $125,152 on average set aside (up from $91,803 in 2021).

"With the rising costs Quebecers are facing, having a clear picture of your finances is a must. An expert can give you advice on planning for rising interest rates, increases in the cost of living and changes to your personal finances or home buying budget," adds Berger. 

Berger adds that for those thinking about purchasing a home, understanding the process and knowing what you can afford are important first steps. Whether in person or virtually, RBC mortgage specialists can help give prospective home buyers the certainty and confidence they need every step of the way.

National and Regional Data Tables

Question

Quebec

National

B.C.

Alberta

SK/MB

Ontario

Atlantic
Canada

Strongly Agree/Agree Responses

I am likely to purchase a home in the next two years.

20%

23%

23%

28%

20%

25%

19%

As we return to normal, location is more important than buying a larger home.

56%

59%

61%

62%

53%

61%

52%

I would rather buy a larger home than be closer to amenities.

21%

25%

25%

22%

30%

27%

26%

Renters: I feel less pressure now to buy than during the peak of the pandemic.

26%

27%

26%

28%

26%

26%

41%

Rising house prices have impacted major life milestones: Thinking about buying or saving for a home as prices continue to rise is causing stress in my relationship.

38%

47%

49%

59%

44%

50%

40%

Rising house prices have impacted major life milestones: Thinking about having to buy a home farther away from friends and family due to rising house prices is causing me stress.

45%

54%

59%

62%

47%

57%

41%

Rising house prices have impacted major life milestones: I have/will need to live with my parents longer in order to save enough to buy a home.

23%

30%

30%

39%

31%

34%

16%

I am feeling financially overwhelmed.

26%

40%

42%

45%

51%

43%

45%

I am worried my financial position may deteriorate over the next year.

32%

42%

45%

50%

43%

44%

42%

I am providing financial support (or additional financial support) to my family because of the pandemic.

16%

21%

19%

25%

18%

23%

23%

I plan to continue to spend less after the pandemic so I can put the savings towards buying a home.

36%

37%

37%

38%

36%

39%

34%

I believe I will struggle to cover the cost of owning a home as we return to pre-pandemic spending.

22%

33%

40%

36%

33%

38%

33%

I am concerned about interest rates rising in the coming year.

50%

60%

62%

69%

65%

63%

60%

I or my family is well-positioned to weather a potential increase in interest rates.

51%

47%

45%

47%

44%

48%

36%

Mortgage holder: I haven't yet considered what I could afford if mortgage rates increase.

19%

22%

22%

24%

15%

24%

26%

I am concerned about the impact rising inflation will have on my ability to purchase a home.

44%

48%

53%

50%

48%

50%

43%

I am concerned about the impact rising inflation will affect my ability to cover the costs of owning a home.

48%

54%

57%

58%

54%

57%

54%

Excluding $0 responses

Have a budget: Average home buying budget if they were to purchase

$352,578

$506,646

$692,741

$423,001

$325,399

$653,100

$253,672

Currently have savings for a home: Average amount saved for buying a home

$125,152

$196,286

$288,451

$201,729

$172,384

$222,516

$66,425

About The Survey
An online survey of 2,753 Canadians was completed between January 13 to January 29, 2022 using Leger's online panel, LEO. Leger's online panel has approximately 400,000 members nationally and has a retention rate of 90%. A probability sample of the same size would yield a margin of error of ±1.9 per cent, 19 times out of 20.

Poll aggregator 338Canada.com gave Leger the highest rating among all polling firms in Canada for the accuracy of its studies. See https://338canada.com/pollster-ratings.htm.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact

SOURCE RBC Royal Bank

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Uncategorized

Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds

The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…

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The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.

Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.

Rob Jekielek

“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”

The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.

Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.

The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.

“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.

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Spread & Containment

I created a ‘cosy game’ – and learned how they can change players’ lives

Cosy, personal games, as I discovered, can change the lives of the people who make them and those who play them.

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Cosy games exploded in popularity during the pandemic. Takoyaki Tech/Shutterstock

The COVID pandemic transformed our lives in ways many of us are still experiencing, four years later. One of these changes was the significant uptake in gaming as a hobby, chief among them being “cosy games” like Animal Crossing: New Horizons (2020).

Players sought comfort in these wholesome virtual worlds, many of which allowed them to socialise from the safety of their homes. Cosy games, with their comforting atmospheres, absence of winning or losing, simple gameplay, and often heartwarming storylines provided a perfect entry point for a new hobby. They also offered predictability and certainty at a time when there wasn’t much to go around.

Cosy games are often made by small, independent developers. “Indie games” have long been evangelised as the purest form of game development – something anyone can do, given enough perseverance. This means they can provide an entry point for creators who hadn’t made games before, but were nevertheless interested in it, enabling a new array of diverse voices and stories to be heard.

In May 2020, near the start of the pandemic, the small poetry game A Solitary Spacecraft, which was about its developer’s experience of their first few months in lockdown, was lauded as particularly poignant. Such games showcase a potential angle for effective cosy game development: a personal one.

Personal themes are often explored through cosy games. For instance, Chicory and Venba (both released in 2023) tackle difficult topics like depression and immigration, despite their gorgeous aesthetics. This showcases the diversity of experiences on display within the medium.

However, as the world emerges from the pandemic’s shadow, the games industry is facing significant challenges. Economic downturns and acquisitions have caused large layoffs across the sector.

Historically, restructurings like these, or discontent with working conditions, have led talented laid-off developers to create their own companies and explore indie development. In the wake of the pandemic and the cosy game boom, these developers may have more personal stories to tell.

Making my own cosy game

I developed my own cosy and personal game during the pandemic and quickly discovered that creating these games in a post-lockdown landscape is no mean feat.

What We Take With Us (2023) merges reality and gameplay across various digital formats: a website, a Discord server that housed an online alternate reality game and a physical escape room. I created the game during the pandemic as a way to reflect on my journey through it, told through the videos of game character Ana Kirlitz.

The trailer for my game, What We Take With Us.

Players would follow in Ana’s footsteps by completing a series of ten tasks in their real-world space, all centred on improving wellbeing – something I and many others desperately needed during the pandemic.

But creating What We Take With Us was far from straightforward. There were pandemic hurdles like creating a physical space for an escape room amid social distancing guidelines. And, of course, the emotional difficulties of wrestling with my pandemic journey through the game’s narrative.

The release fared poorly, and the game only garnered a small player base – a problem emblematic of the modern games industry.

These struggles were starkly contrasted by the feedback I received from players who played the game, however.

This is a crucial lesson for indie developers: the creator’s journey and the player’s experience are often worlds apart. Cosy, personal games, as I discovered, can change the lives of those who play them, no matter how few they reach. They can fundamentally change the way we think about games, allow us to reconnect with old friends, or even inspire us to change careers – all real player stories.

Lessons in cosy game development

I learned so much about how cosy game development can be made more sustainable for creators navigating the precarious post-lockdown landscape. This is my advice for other creators.

First, collaboration is key. Even though many cosy or personal games (like Stardew Valley) are made by solo creators, having a team can help share the often emotional load. Making games can be taxing, so practising self-care and establishing team-wide support protocols is crucial. Share your successes and failures with other developers and players. Fostering a supportive community is key to success in the indie game landscape.

Second, remember that your game, however personal, is a product – not a reflection of you or your team. Making this distinction will help you manage expectations and cope with feedback.

Third, while deeply considering your audience may seem antithetical to personal projects, your game will ultimately be played by others. Understanding them will help you make better games.

The pandemic reignited the interest in cosy games, but subsequent industry-wide troubles may change games, and the way we make them, forever. Understanding how we make game creation more sustainable in a post-lockdown, post-layoff world is critical for developers and players alike.

For developers, it’s a reminder that their stories, no matter how harrowing, can still meaningfully connect with people. For players, it’s an invitation to embrace the potential for games to tell such stories, fostering empathy and understanding in a world that greatly needs it.


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Adam Jerrett does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Government

The SNF Institute for Global Infectious Disease Research announces new advisory board

From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in…

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From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in the 1970s, combating infectious disease has a rich history at Rockefeller. That tradition continues as the Stavros Niarchos Foundation Institute for Global Infectious Disease Research at Rockefeller University (SNFiRU) caps a successful first year with the establishment of a new advisory board.

Credit: Lori Chertoff/The Rockefeller University

From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in the 1970s, combating infectious disease has a rich history at Rockefeller. That tradition continues as the Stavros Niarchos Foundation Institute for Global Infectious Disease Research at Rockefeller University (SNFiRU) caps a successful first year with the establishment of a new advisory board.

This international advisory board was created in part to give guidance on how to best use SNFiRU’s resources, as well as bring forward innovative ideas concerning new avenues of research, public education, community engagement, and partnership projects.

SNFiRU was established to strengthen readiness for and response to future health crises, building on the scientific advances and international collaborations forged in the context of the COVID-19 pandemic. Launched with a $75 million grant from the Stavros Niarchos Foundation (SNF) as part of its Global Health Initiative (GHI), the institute provides a framework for international scientific collaboration to foster research innovations and turn them into practical health benefits.

SNFiRU’s mission is to better understand the agents that cause infectious disease and to lower barriers to treatment and prevention globally. To speed this work, the institute launched numerous initiatives in its inaugural year. For instance, SNFiRU awarded 31 research projects in 29 different Rockefeller laboratories for over $5 million to help get collaborative new research efforts off the ground. SNFiRU also supports the Rockefeller University Hospital, where clinical studies are conducted, and brought on board its first physician-scientist through Rockefeller’s Clinical Scholars program. “One of the surprises was the scope of interest from Rockefeller scientists in using their talents to tackle important infectious disease problems,” says Charles M. Rice, Maurice R. and Corinne P. Greenberg Professor in Virology at Rockefeller and director of SNFiRU. “The research topics range from the biology of infectious agents to the dynamics of the immune response to pathogens, and also include a number of infectious disease-adjacent studies.”

In the past 12 months, SNFiRU often brought together scientists studying different aspects of infectious disease as a way to spur new collaborations. In addition to hosting its first annual day-long symposium, SNFiRU initiated a Young Scientist Forum for students and post-doctoral fellows to meet regularly, facilitating cross-laboratory thinking. A bimonthly seminar series has also been established on campus.

Another aim of SNFiRU is to develop relationships with community-based organizations, as well as design and participate in community-engaged research, with a focus on low-income and minority communities. To that end, SNFiRU is helping develop a research project on Chagas disease, a tropical parasitic infection prevalent in Latin America that can cause congestive heart failure and gastrointestinal complications if left untreated. The project will bring together clinicians practicing at health centers in New York, Florida, Texas, and California and basic scientists from multiple institutions to help the communities that are most impacted.

“The SNFiRU international advisory board convenes globally recognized leaders with distinguished biomedical expertise, unrivalled experience in pandemic preparedness and response, and a shared commitment to translating scientific advancements into equitably distributed benefits in real-world settings,” says SNF Co-President Andreas Dracopoulos. “The advisory board will advance the institute’s indispensable mission, which SNF is proud to support as a key part of our Global Health Initiative, and we look forward to seeing breakthroughs in the lab drive better outcomes in lives around the globe.”

The new advisory board will hold its first meeting on April 11th, 2024, following the second annual SNF Institute for Global Infectious Disease Research Symposium at Rockefeller.

Its members are: Rafi Ahmed of Emory University School of Medicine, Cori Bargmann of The Rockefeller University, Yasmin Belkaid of the Pasteur Institute, Anthony S. Fauci, the former director of the National Institute of Allergy and Infectious Diseases, Peter Hotez of Baylor College of Medicine and Texas Children’s Hospital Center for Vaccine Development, Esper Kallas of of the Butantan Institute, Sharon Lewin of the University of Melbourne Doherty Institue, Carl Nathan of Weill Cornell Medicine, Rino Rappuoli of Fondazione Biotecnopolo di Siena and University of Siena, and Herbert “Skip” Virgin of Washington University School of Medicine and UT Southwestern Medical Center.


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