Canadians most likely to give up on homeownership, survey says

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeReal EstateCanadians most likely to give up on homeownership, survey saysMore than half or 56% of Canadians who don't own a home say they don't expect to ever own oneMore than 70 per cent of Canadians surveyed believe there are too few affordable homes available to buy. Photo by Laura Proctor/Bloomberg filesHousing costs are making Canadians rethink homeownership, with many already giving up on the idea of ever owning a home.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountMore than half or 56 per cent of Canadians who don’t own a home say they don’t expect to ever own one, according to a survey by housing non-profit Habitat for Humanity.In a global survey of over 30,000 people across 22 countries, including a total of 1,400 Canadians, Canada had the highest rate of non-homeowners who share this sentiment. Double the survey’s average of 23 per cent, and higher than the U.S. at 42 per cent, U.K. at 50 per cent and Australia at 52 per cent.This advertisement has not loaded yet, but your article continues below.“We have to restore Canadians’ optimism in owning a home — whether that’s a market home or through an affordable program like Habitat’s,” Habitat for Humanity Canada’s chief executive Pedro Barata said in a press release. “When people are sacrificing food, savings, and peace of mind to afford housing, they can never get ahead.”SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe research said housing affordability remains the central barrier for Canadians, who say the cost of homes, their income and the challenge of saving for a down payment are all working against them.It said 54 per cent of non-homeowners in Canada say homes are too expensive, while 50 per cent say their income is too low and 41 per cent say they lack sufficient savings for a down payment.More than 70 per cent of Canadians surveyed believe there are too few affordable homes available to buy. About 80 per cent agree that rising housing costs make it difficult to become a homeowner.The survey also said that almost half of Canadians identify affordability without constant stress as the most important aspect of better housing, well above the global average of 32 per cent.This advertisement has not loaded yet, but your article continues below.Meanwhile, 44 per cent of Canadian respondents worry that one unexpected problem, whether a job loss, illness or unforeseen expense, could threaten their ability to stay housed, even though most feel secure in being able to remain where they live.As a result, Canadians are forced to make trade-offs. These include using savings or emergency funds to cover costs, spending less on food or groceries and cutting back on social activities.Housing pressures have particularly moved younger Canadians into shaping major life decisions, including starting a family, which two-thirds say housing costs have made difficult to consider.Nearly half or 46 per cent of younger Canadians say their housing situation is one of the biggest sources of stress in their lives, compared with the global average of 35 per cent.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.