According to a recent survey by Habitat for Humanity Canada, homeownership is becoming increasingly unattainable for most Canadians.
The survey found that four out of five Canadians now view buying a home as a luxury, and 88% of renters believe that owning a home in Canada is now out of reach.
The survey also revealed that 82% of Canadians are deeply concerned about how the housing crisis is affecting health and well-being, with 78% seeing homeownership as a key factor in the country’s growing wealth gap. This collective anxiety is felt across generations, with younger Canadians facing the most challenges.
Pedro Barata, CEO of Habitat for Humanity Canada, notes that Canadians are sending a clear message that the housing crisis is no longer just about housing.
The shrinking middle class
The survey data also highlights concerns about the impact of affordable housing scarcity on communities and the middle class, with 82% of respondents worried about a decline in this socioeconomic group.
Over half of Canadians are concerned about having to sacrifice essentials like food, education, and living expenses to cover housing costs. Additionally, 41% of respondents find the stress of not being able to buy a home difficult to manage.
Younger generations forced to rethink milestones
The housing crisis is causing younger generations to reconsider life plans, with many Gen Z and Millennial Canadians considering delaying starting a family or moving to more affordable areas due to housing costs.
A significant percentage of Millennials and Gen Z individuals are even considering moving abroad to find affordable housing. The survey also reveals that many are anxious about saving enough for a down payment.
Barata emphasizes that these decisions could have a lasting impact on future generations and society as a whole.
Calls for action
The survey shows a strong demand for political action to address Canada’s housing crisis, with 75% of Canadians believing that housing policy should be a bipartisan issue. However, many are skeptical that the government will meet its housing goals by 2031.
Canadians are calling for initiatives that reduce taxes and fees for first-time buyers, promote affordable homeownership, and convert unused spaces into housing.
Barata highlights the importance of making homeownership accessible to all Canadians, not just the wealthy, as it brings numerous benefits to individuals and communities.
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