Four out of Five Canadians Report that the Housing Crisis is Influencing their Life Choices

 

Homeownership is feeling increasingly out of reach for many Canadians, according to a recent survey from Habitat for Humanity Canada.

A significant 80% of Canadians now view buying a home as a luxury, and 88% of renters feel that the dream of owning a home has turned into a distant goal. This survey, which marks the third annual affordable housing assessment, highlights the far-reaching effects of Canada’s housing crisis. An impressive 82% of Canadians expressed serious concerns about how this crisis is affecting health and well-being, while 78% recognize that homeownership plays a crucial role in the widening wealth gap in the country. The results showcase a shared worry across different age groups, particularly concerning younger Canadians who face the toughest housing challenges.

Addressing the Shrinking Middle Class

The survey data indicates that the shortage of affordable housing is fragmenting communities and putting the middle class at risk, with 82% of respondents expressing worry about this group’s future. More than half of Canadians are concerned about compromising on essential needs like food, education, and everyday living expenses just to make housing payments. Additionally, 41% feel overwhelmed by the stress of not being able to purchase a home.

Rethinking Life Milestones for Younger Generations

The ongoing housing crisis is prompting younger Canadians to reconsider their life plans. Two-thirds of Gen Z and nearly half of Millennials are contemplating delaying family plans due to the high costs of suitable housing. About 40% have noticed fewer job opportunities, having had to relocate to more affordable areas. A noteworthy 29% of Millennials and 25% of Gen Z are even considering moving abroad for more affordable housing options. Moreover, 73% of Gen Z respondents are anxious about saving enough for a down payment.

Despite the growing challenges, Canadians remain optimistic about homeownership, with 87% believing it provides stability, and 81% viewing it as a pathway to a better future for their children.

A Call for Action

As Canada grapples with its housing crisis, the survey reveals a strong desire for political action. Seventy-five percent of Canadians feel that housing policy should go beyond political affiliations, advocating for a collaborative approach to addressing the crisis. Yet, 68% express doubts about the federal government’s ability to achieve its goal of building 3.87 million new homes by 2031.

Canadians are calling for policy changes that reduce taxes and fees for first-time buyers, promote affordable homeownership, and convert unused spaces into housing.