Home Ownership "Only for the Rich" as More Renters Are Giving Up On Ever Owning a Home

Over the last year, Canadians’ attitudes towards homeownership have grown increasingly negative.

The author(s)
  • Sean Simpson SVP, Canada, Public Affairs
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HOUSING IN CANADA

Over the last year, Canadians’ attitudes towards homeownership have grown increasingly negative. The percentage of renters who have given up on the prospect of ever owning a home, as well as the percentage of Canadians who believe homeownership is exclusively for the wealthy, have both increased by 8 percentage points since April.

Over the last year, Canadians’ attitudes towards homeownership have grown increasingly negative.

TIMES ARE TOUGH, FEDS NOT DOING ENOUGH

I am concerned that I may not be able to keep the home I currently own due to high mortgage rates (37%). The federal government is doing enough to address the housing affordability issue in Canada (21%, +1 pt)

HOUSING MARKET PERCEPTIONS

High interest rates have me on the sidelines for now, and I won’t buy or sell a home as a result. It is possible to be financially secure and not own a home.

Nearly four in ten (37%) Canadian homeowners are concerned that they may not be able to maintain ownership of their homes due to high mortgage rates. Additionally, a majority, 79%, believe that the federal government is not doing enough to assist. Although 71% still think that it is possible to achieve financial security without owning a home, this sentiment has dropped by nine percentage points since September.

ABOUT THE STUDY

These are some of the findings of an Ipsos poll conducted between December 8th to 11th, 2023, on behalf of Global News. For this survey, a sample of 1,000 Canadians aged 18+ was interviewed. Quotas and weighting were employed to ensure that the sample’s composition reflects that of the Canadian population according to census parameters. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 3.8 percentage points, 19 times out of 20, had all Canadians aged 18+ been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

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

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The author(s)
  • Sean Simpson SVP, Canada, Public Affairs

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