Many Canadians fear it is and younger generations are increasingly concerned
The housing affordability crisis across most large Canadian urban centres has changed the way many people view the homeownership dream.
New data from Ipsos reveals that 66% of Canadians of all ages (18+) have given up on ever owing a home and 73% say homeownership is only for the rich. But just 20% think the federal government is doing enough to improve housing affordability.
However, the desire is still to buy a home with 80% believing that you cannot be financially secure and not own a home.
Younger generations
Younger generations are increasingly concerned about housing market affordability and think sorting it out should be a top priority.
Their views are expressed in new research from the Canadian Real Estate Association, conducted by Abacus Data, that found that four out of five 18-34-year-olds are uneasy about housing affordability with almost two thirds saying these concerns have intensified in the last six months.
Nine in ten young Canadians believe that housing affordability should be prioritized above controlling government spending, deficit, and debt; cutting taxes; addressing Canadians’ high levels of debt; and even taking action to solve climate change.
The survey found that 60% of this young cohort are living paycheck-to-paycheck and 53% have had to cut down on outgoings – including food and groceries (68%), emergency savings (57%), investments (49%), and debt payments (51%) – due to housing expenses with 89% of those with mortgage or debt commitments having worried about making payments in recent months.
Nearly two-thirds of young Canadians (61%) revealed that their financial situation, shaped by the housing crisis, negatively affects their mental health.
