Canadian Homeowners and Renters Reaching ‘Breaking Point’: Survey
According to survey findings announced by Habitat for Humanity Canada, lack of housing affordability has ranked as a top concern for Canadians for the second year in a row alongside inflation and access to healthcare.
The findings noted that Canadian homeowners and renters are reaching their breaking point when it comes to balancing the increased cost of living including housing.
The survey, which measured Canadians’ attitudes towards the housing crisis, revealed that half of Canadians are spending 50 per cent or more of their household income on housing costs. For Canadians between the ages of 18 and 34, those spending 50 per cent or more of their household income on housing costs jumps to 64 per cent.
According to the findings, more than half of Canadians worry about sacrificing basic needs like food, living essentials, clothing, and education to afford their rent or mortgage payments.
The majority (92 per cent) believe that there is a shortage of affordable housing in Canada, according to the survey findings, and 94 per cent feel that the goal of owning a home is becoming more difficult to accomplish.
The findings also noted that more than half worry about their children being able to afford a home in the future.
“This year’s survey revealed that Canadians continue to worry about their ability to afford housing in this country, not only for themselves, but also for their children,” said Julia Deans, president and CEO of Habitat for Humanity Canada.
According to the findings, half of Canadians between the ages of 18 and 24 worry about getting evicted because they can’t afford their rent or mortgage, and half are worried about getting “renovicted.” Nine in ten Canadians also believe the cost of housing will only continue to rise.
“Despite the increasing challenges facing Canadians, the survey results indicate that Canadians believe action can be taken to tackle our housing issues,” said Deans. “At Habitat for Humanity Canada, we share this belief. The housing crisis can be solved. And everyone has a role to play – governments, financial institutions and investors, home builders, and citizens. We must work together to build more, build faster, and invest in all parts of the housing continuum to ensure affordability for all. Strong, healthy communities start with safe and affordable housing.”
The survey highlighted that Canadians agree that homeownership creates more stability, strengthens one’s financial future, and leads to better physical and mental health outcomes. Eight-in-ten also believe homeownership leads to a better future for one’s children.
According to the findings, two-thirds of Canadians disagree with the statement that there isn’t much that can be done to deal with Canada’s housing problems while two-thirds of Canadians agree that immigration is essential to getting the trades and labour needed to build more housing.
Two-thirds also believe that the private sector has a role to play in the creation of more affordable housing.
For more information on the survey, click here.