Toronto, ON, April 29, 2022 – With the price of homes in Canada skyrocketing over the past two years, the dream of home ownership is slipping away from those not already in the market. According to a new Ipsos poll conducted exclusively for Global News, six in ten (63%) Canadians who don’t already own a home agree (23% strongly/40% somewhat) that they have given up on ever owning a home.
Moreover, two in three (67%) Canadians agree (22% strongly/45% somewhat) that owning a home in Canada is now only for the rich, with non-owners being even more likely to agree (76%). Those aged 18-34 (71%) and 35-54 (73%) are significantly more likely than Canadians aged 55+ (60%) to agree. Regionally, Ontarians (72%) and British Columbians (69%) – where housing prices are highest – are most likely to agree, followed by those living in Atlantic Canada (65%), Quebec (64%), Saskatchewan and Manitoba (63%) and Alberta (61%).
The rapid appreciation of the value of homes has created further economic disparity between those who own a home and those who don’t. While seven in ten (71%) Canadians agree (15% strongly/56% somewhat) that they are optimistic about their long-term future, those who own a home are significantly more likely to express optimism (74%) than those who don’t own (67%).
While eight in ten (77%) Canadians agree (19% strongly/58% somewhat) that it is possible to be financially secure and not own a home, most (77%) also agree (25% strongly/53% somewhat) that owning a home is the best investment a person can make, a feeling held more commonly among those aged 55+ (82%) and 35-54 (78%) than younger adults (71%). In fact, a majority (57%) of Canadians disagrees (17% strongly/41% somewhat) that owning a home is less important now than it was 25 years ago, although those aged 18-34 are more likely to agree that it is less important (49%) now than those aged 35-54 (43%) and 55+ (38%).
The federal government has attempted to respond to the challenges facing first-time homebuyers through a series of policy measures aimed at increasing supply, curbing demand and helping first-time buyers save, but most Canadians (75%) disagree (34% strongly/42% somewhat) that the federal government is doing enough to address the housing affordability issue in Canada. Even two in three (66%) Liberal voters disagree that the federal government is doing enough.
Regarding the difficulties they face buying a home, non-owners were asked to reflect on recent policy announcements and strategies they could employ in order to afford a home:
- Only four in ten (40%) non-owners agree (8% strongly/32% somewhat) that the new tax-free first home savings account recently announced by the federal government will help them afford a home, rising to 47% among non-owners under the age of 35.
- Half (51%) of non-owners agree (11% strongly/40% somewhat) that they would consider co-ownership with family or friends in order to afford a home, including 63% of non-owners under the age of 35.
There is a sense of urgency among may non-owners for the government to act, lest home ownership become further out of sight. In fact, four in ten (43%) non-owners agree (11% strongly/31% somewhat) that they won’t feel that they have accomplished what they need to in their life until they own their own home, a sentiment which is shared by a majority of those aged 18-34 (55%) who don’t yet own a home.
Many who feel that home ownership might be out of reach have changed their frame of mind and are looking to embrace other aspects of life instead: six in ten (59%) non-owners agree (12% strongly/47% somewhat) that since owning a home is so far out of reach for them, they’re considering focusing less on earning money and more on enjoying themselves. Interestingly, this is a sentiment more commonly shared among non-owners aged 55+ (67%) and 35-54 (62%) than younger adults (50%).
About the Study
These are some of the findings of an Ipsos poll conducted between April 14 to 19, 2022, on behalf of Global News. For this survey, a sample of 1,001 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 ± 3.5 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.
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