Canadians aren’t even dreaming about homeownership anymore
Most Canadians (80%) believe that owning a home is now only for the rich, while 72% of Canadians say they’ve completely given up on homeownership. Unfortunately, they might not be wrong to do so, as if Canada’s economic trajectory doesn’t change soon, the country will officially have the most unaffordable housing market in the world.

TCS Wire

May 23, 2024

The housing crisis has gotten so bad that most Canadians believe homeownership is something only the rich can aspire to.

Canadians aren’t even dreaming about homeownership anymore

A new Ipsos survey has found that a full 80% of Canadians believe that “owning a home is now only for the rich”, up 11 points from March 2023, showing just how depressing the situation is getting.

Additionally, 72% of Canadian respondents say they’ve completely given up on homeownership, up 9 points from March 2023.

Unfortunately, they might not be wrong to do so either, as if Canada’s economic trajectory doesn’t change soon, the country will officially have the most unaffordable housing market in the world.

A total of 29% of Canadians also say that homeownership is essential to financial stability, while 71% believe it’s possible to be financially stable while renting.

Other noteworthy stats include that 52% believe there won’t be enough new houses built, 50% believe immigration will continue driving high demand, and 49% would consider co-ownership with parents or friends if it meant finally owning a house.

On the latter stat, another survey found that one in four Canadians (26%) either expect or are planning to ask for financial aid from their parents or grandparents to get into the housing market, including 52% of Gen Z and 31% of Millennials.

Surveyed parents and grandparents are also increasingly getting on the same page, with 36% expecting to assist their children or grandchildren financially over the coming year.

And as it stands, of those who are still holding onto the dream of homeownership, 72% are planning to weather the storm of seemingly unending renting until mortgage rates drop significantly.

It’s also worth noting that this figure is primarily composed of second-time homebuyers rather than first, as most would-be first-time homebuyers have already given up.

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