9 million Canadians resigned to being 'forever renters'

New survey shows women are among the least optimistic of homeownership

9 million Canadians resigned to being 'forever renters'

Buying a home is seen as unachievable by millions of Canadians, with house prices and other conditions also putting many more off the idea.

Almost four million Canadians believe they will be renting for the rest of their lives, while 16% (more than 5 million) say they are not interested in homeownership.

A poll by Finder.com also found that while the gender split was roughly even among those who think they are now ‘forever renters’ this is not the case for those who have no interest.

The share of women without desire to own their own home rose to 17% in the 2022 poll, compared to 9% when Finder conducted its previous report of this kind in 2020.

Downbeat not down payment

Among the adults 18+ that were polled, the cohort of respondents most likely to be pessimistic about homeownership were those aged 35-44.

Among this typically prime group for homeownership, 18% believe they’ll rent forever and 13% totally disinterested in becoming homeowners. However, 48% of this group are already homeowners.

In the 18-34 age group, just 8% have no interest in owning a home, 34% already do, and 14% expect to rent forever.

The highest share of people who do not want to buy are in the 55-64 age group, with 53% already owning a home, and 3% expecting to be forever renters.

"Getting on the property ladder can feel out of reach for many potential first-time home buyers,” said Finder.com’s Romana King. “While there are significant obstacles to overcome—such as a large down payment and qualifying for loans at higher mortgage rates—it is still possible to fulfill the homeownership dream. The work to make this happen starts long before you open up the ‘for sale’ apps.”

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