From Financialpost · · 1m 20s
Canadians Cut Homeownership As Housing Costs Rise
Housing costs push Canadians to abandon homeownership dreams, with 56% of non-homeowners expecting never to own a home.
In brief
Housing costs push Canadians to abandon homeownership dreams, with 56% of non-homeowners expecting never to own a home. 56% of Canadian non-homeowners say they won't own a home due to high housing costs, double the global average. Originally reported by Financialpost.
Housing Costs Push Canadians
Housing costs are forcing Canadians to make difficult financial trade-offs, impacting food, savings, and homeownership.
56% of Non-Homeowners Expect Never to Own
56% of non-homeowners in Canada say they don’t expect to ever own a home, double the global average of 23%.
Financial Sacrifices for Housing
Two-thirds of Canadians made at least one financial sacrifice to afford housing costs in the past year.
Housing Affordability Crisis
54% of non-homeowners say homes are too expensive, 50% say income is too low, and 41% lack savings for a down payment.
73% Believe Few Affordable Homes
73% of Canadians believe there are too few affordable homes available to buy, while 81% say rising costs make homeownership difficult.
Housing Stress for Young Canadians
64% of younger Canadians say housing costs make it difficult to start a family, and 46% cite it as their biggest life stressor.
Habitat CEO on Crisis
Habitat for Humanity Canada’s CEO says housing crisis forces Canadians to sacrifice food, savings, and peace of mind.
“Canada’s housing crisis has become an opportunity crisis. When people are sacrificing food, savings, and peace of mind to afford housing, they can never get ahead.”
The big picture
56% of Canadian non-homeowners say they won't own a home due to high housing costs, double the global average.
