Canada (English)Homes are so much more than just the physical structures where we live and store our belongings. Indeed, homes are often regarded as the center of our lives, filled with memories and warm sentiments. The desire to own a home is an aspiration for many Canadians who hope to establish a long-term haven. However, for many individuals, the ability to fulfill the dream of homeownership is a real concern.
Buying a Home in Canada
Home Sweet Home
Over the last year, Canadians’ attitudes towards homeownership have become increasingly negative. Seven in ten renters (71%) say they’ve given up on ever owning a home, and over three-quarters (77%) believe that owning a home in Canada is now “only for the rich.” This represents an increase by 8 percentage points for both sentiments since last April.
Attitudes Toward Homeownership
There’s No Place Like Home
Current homeowners also harbor concerns about the housing market. Nearly four in ten (37%) Canadian homeowners are worried that they may not be able to maintain ownership of their homes due to high mortgage rates. Not only that, but nearly three-quarters (73%) say that they won’t be selling or buying a home for now due to high interest rates. Additionally, a majority, 79%, believe that the federal government is not doing enough to assist.
Home is Where the Heart Is
Despite the concerns that both renters and homeowners face, let's not forget that the concept of “home” goes beyond physical ownership. Most Canadians (71%) believe it is possible to achieve financial security without owning a home, and this idea opens the door for individuals to explore alternative ways of building stability and comfort.
Influence the Future of Housing
Make a difference in the conversation on Canadian housing by taking part in research with Ipsos iSay. Your input can help shape policies and strategies that address the needs of both renters and homeowners, empowering everyone to redefine the concept of “home”. Check your Ipsos iSay dashboard for new studies daily!
Homeownership in Canada
FAQs
How do renters feel about future homeownership in Canada?
Attitudes toward homeownership have grown increasingly negative among Canadian renters, as 71% have given up on ever buying a home. This sentiment increased by 8 percentage points since April 2023.
Are current homeowners in Canada concerned about mortgage rates?
High mortgage rates are prompting over a third of Canadian homeowners (37%) to worry that they may not be able to continue to maintain homeownership.
What is the perceived role of the federal government in the Canadian housing market?
A majority (79%) believe that the Canadian federal government is not doing enough to assist with concerns surrounding homeownership and buying a home.
Is it possible for non-homeowners to be financially stable?
Yes, 71% of Canadians believe that it is possible to achieve financial stability without owning a home.
The information shared in this article has been sourced from: https://www.ipsos.com/en-ca/home-ownership-only-for-rich-as-more-renters-give-up-on-owning-home
