Is the Home Ownership Dream Dead? Half (50%) of Canadians Who Do Not Currently Own Their Home Are Unlikely to Buy One in the Future

Toronto, Ontario, June 2, 2022 — A new Ipsos poll conducted on behalf of the Chartered Professional Accountants of Canada reveals that many Canadians who do not already own their home might be giving up on the dream of home ownership. Indeed, half (50%) of Canadians who do not currently own their home say they are unlikely to buy one in the future.

While home ownership might not be part of the plan for everyone, it’s clear that many of those who do not own their home but want to will face considerable challenges in their quest for home ownership. Those who do not currently own their home were asked to rate the extent to which various considerations would represent a challenge, in terms of pursuing home ownership. Overall, the threat of interest rates increasing (89%) is viewed as the greatest challenge, followed by being able to afford a down payment (84%), renovations (83%), property taxes (81%) or mortgage payments (81%). Most (69%) within this group also admit that income stability would signify a challenge, for them.

The housing market has become difficult to enter for those who are not yet already in it, particularly members of the younger generations – Gen Zers and Millennials. This has not crushed their youthful optimism, however, as most Gen Zers (75%) and Millennials (70%) who do not currently own their home are confident they will buy a house in the future. By comparison, less than two in five (38%) Gen Xers and just thirteen percent (13%) of Boomers who don’t own their homes expect to buy a house in the future.

The survey evidence suggests that many Gen Zers and Millennials might be choosing to live with their parents for longer than what is traditionally expected, due to exorbitant housing prices. Overall, as many as one-third (33%) of Canadians who have adult children (aged 18+) report that their adult children are still living with them in their home. When asked why their adult child(ren) are living with them, three in ten (31%) claim it is because housing is too expensive for their adult child(ren).

The situation is difficult for homeowners, too

Many of those who already own their home admit that maintaining and improving it is challenging, even though they already own their home. Affordability is an issue for many homeowners, as almost half (46%) are struggling with basic maintenance of their home or paying maintenance fees while slightly fewer (40%) are finding mortgage payments and property taxes challenging. One in three (35%) feel as though keeping up with utility payments is a challenge.    

About the Study

These are the findings of an Ipsos survey conducted on behalf of the Chartered Professional Accountants of Canada. Fieldwork was conducted between March 24 and April 4, 2022. A total of n=2,000 Canadians aged 18+ participated in the survey which was fielded via the Ipsos’ online omnibus. The combined data has been weighted by age, gender, education and region to ensure the sample composition reflects the Canadian population. The precision of Ipsos online surveys is calculated via a credibility interval.  In this case, the sample is considered accurate to within +/- 2.5 percentage points had all Canadians aged 18+ been surveyed.

For more information on this Factum, please contact:

Sean Simpson
Senior Vice President, Ipsos Public Affairs
+1 416 324 2002
[email protected]

James Cottrill
Senior Account Manager, Ipsos Public Affairs
+1 416 324 2900
[email protected]

About Ipsos

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