Obstacles to homeownership remain significant
Affordable housing is the third most important issue currently facing Canadians after inflation and healthcare, according to a new Habit for Humanity Canada survey.
The report, which measures the perceptions and concerns of Canadians, revealed lack of housing supply and spiralling living costs as two of the most significant barriers to homeownership – and also shed light on some worrying trends impacting current homeowners.
Fully 40% of Canadians are concerned about paying their mortgage or rent over the next 12 months, the survey found, while almost three in 10 Canadians (28%) are currently unable to afford a down payment of any figure towards a home.
Over a quarter (27%) of Canadians are pessimistic about the viability of possible solutions to Canada’s housing problems, with 90% of survey respondents indicating that there is a shortage of affordable housing in the country and 43% viewing lack of inventory as one of the main reasons that housing is less affordable.
“This survey underscores how deeply concerned Canadians are about their housing situations and futures as affordable housing becomes increasingly out of reach,” said Julia Deans, president and CEO at Habitat for Humanity Canada.
“To address these growing concerns and make affordable housing and homeownership a reality for all Canadians, we need an all-in approach from non-profits, businesses, individuals and all levels of government.”