December 13, 2024

Recently, Abacus Data partnered with the Canadian Real Estate Association (CREA), the Canadian Alliance to End Homelessness (CAEH), and the Canadian Co-operative Housing Federation (CCHF) to conduct a comprehensive national investigation to examine the current state of the situation. housing in Canada. This study, conducted between September 26 and October 9, 2024 among 6,000 Canadian adults (aged 18 and older), highlights ongoing challenges related to housing affordability and accessibility, revealing important concerns across the country.

This report is the first in a series examining the current state of housing in Canada, with a focus on the pressing affordability and accessibility challenges that have become major concerns for Canadians. The findings highlight the far-reaching impact of the housing crisis, as these issues continue to dominate public priorities and fuel widespread concern about housing insecurity.

Housing remains a central concern at the end of 2024

As 2024 draws to a close, housing remains a crucial issue for Canadians. When asked about the most pressing challenges in their community, 41% of Canadians cited housing affordability and accessibility among their top three priorities, just behind the cost of living (60%). This widespread concern highlights the interconnected nature of economic pressures and housing challenges.

Regional disparities further underline the crisis. Housing affordability and accessibility are a greater concern in Quebec (47%), British Columbia (46%) and Ontario (43%), regions grappling with some of the highest costs and shortages of housing. most acute accommodation.

Overall, 9 in 10 Canadians (88%) say they are concerned about the current state of housing, a significant increase of 8 points since September 2023. Younger Canadians (18 to 44 years old) are particularly concerned, 91% saying they are concerned. These figures reflect growing unease about housing accessibility and affordability and highlight the growing urgency for action at local and national levels.

Fear of financial instability

More than half of Canadians (58%) are worried about their ability to pay their mortgage or rent, an increase of 6 points since September 2023. Younger Canadians and lower-income households are feeling the greatest pressure. Among 18-29 year olds, 68% express concern, while 66% of 30-44 year olds share similar fears. Additionally, 63% of Canadians earning less than $50,000 per year report having difficulty meeting their monthly housing costs. These findings highlight the growing financial pressure being placed on vulnerable groups amid the current housing crisis.

A striking figure, 57% of Canadians fear losing their home, whether owned or rented, if their financial situation were to change, reflecting the fragile state of housing security across the country. This concern is particularly acute among young Canadians, since 65% of 18-29 year olds and 71% of 30-44 year olds express this fear. Likewise, 65% of households earning less than $50,000 per year share these concerns. Regionally, residents of British Columbia (63%) and Ontario (61%) are much more likely to feel at risk. These findings highlight the precarious state of housing security, particularly for younger generations, low-income households and those in high-cost regions.

The personal toll of the housing crisis

The real estate market has a profound and widespread impact on Canadians. Nearly half (43%) are experiencing financial difficulties, up 2 points since September 2023. Beyond finances, housing issues affect well-being, with 35% reporting a negative impact on quality of life and 33% on mental health. The crisis is also putting pressure on offshoring, with 29% of Canadians feeling forced to consider moving due to rising costs. Additionally, 25% report disruptions in family dynamics, while 24% face strained personal relationships. For 22%, housing problems delay or reduce plans to have children.

Demographic trends reveal that young Canadians are bearing the brunt of the housing crisis. People aged 18 to 44 are significantly more likely to report that the crisis has affected every aspect of their life, from financial stability and mental health to family planning and quality of life, compared to people aged 18 to 44. aged 60 and over. This stark divide underscores the disproportionate impact on younger generations, who face unique challenges navigating an increasingly unaffordable housing landscape.

The combination of financial stress, mental health issues and the risk of family breakdown creates a cycle of anxiety that affects not only individuals, but entire families and communities. Addressing the housing crisis is an important step toward improving the overall quality of life and stability of Canadian households.

Despite challenges, the dream of homeownership persists

Despite many challenges, the dream of becoming a homeowner remains strong. Among non-owners, 72% still aspire to buy a house, a feeling that is stronger among young Canadians: 88% of 18-29 year olds and 83% of 30-44 year olds hope to become owners one day.

However, this aspiration is tempered by reality. Nearly half (45%) of non-homeowners feel pessimistic about their chances of homeownership or have given up altogether, while 27% are losing hope. Younger Canadians remain the most optimistic, with 41% of those aged 18 to 29 and 33% of those aged 30 to 44 still believing in the possibility of homeownership. However, a significant proportion of young Canadians (33% of those aged 18 to 34) say they are optimistic, but increasingly fear that this dream remains out of reach.

This growing gap between aspirations and perceived possibilities highlights the challenges of the Canadian real estate market. This reflects the urgent need for housing solutions to bridge this gap and restore hope and confidence in the ability of Canadians to achieve their homeownership goals.

Over the past 12 months, 46% of potential homeowners have begun exploring alternative housing solutions, a trend particularly evident among younger Canadians aged 18 to 29 (50%) and 30 to 44 (51%). , as well as those living in urban areas. (50%). Popular alternatives considered include rent-to-own programs (42%), tiny or modular homes (37%), shared living arrangements (26%), and housing co-ops (24%). .

The result

By the end of 2024, housing is not only a dominant issue, but also a reflection of the broader societal and economic challenges facing Canadians. The housing crisis has become a critical moment where affordability, accessibility, and homelessness intersect with deeper concerns about equity and opportunity. Nearly nine in ten Canadians say they are concerned about the housing landscape, revealing a common unease that extends beyond individual circumstances and affects communities and the future of the nation.

The housing crisis also amplifies inequality, disproportionately affecting young Canadians, low-income households and those in high-cost regions. This growing divide reveals not only gaps in affordability, but also systemic imbalances that limit opportunity and upward mobility. Therefore, addressing housing challenges is about more than bricks and mortar; it is about tackling the social and economic inequalities that threaten to erode confidence in the future.

Despite these challenges, the enduring dream of homeownership reflects the resilience and aspirations of Canadians. However, the gap between this dream and reality continues to widen, highlighting the need for bold and coordinated action. Addressing the crisis will require more than simply increasing the supply of housing: it requires a commitment to tackling the systemic issues that drive financial insecurity, affordability and accessibility .

As we enter 2025, the path forward for Canada requires a recalibration of priorities and bold action. Solutions must go beyond increasing supply, addressing the root causes of financial insecurity and ensuring that housing policies promote inclusion and resilience. Governments, communities and industry stakeholders must work together to create a housing landscape that not only meets immediate needs, but also lays the foundation for long-term stability and opportunity for all Canadians . The road ahead is difficult, but with meaningful action, it is possible to restore confidence and hope in the Canadian real estate market.

Methodology

The survey was conducted among 6,000 Canadian adults from September 26 to October 9, 2024. A random sample of panelists was invited to complete the survey from a set of partner panels based on the exchange platform Lucid. These partners are typically double opt-in survey panels, blended to manage potential bias in data from a single source.

The margin of error for a comparable probability random sample of the same size is +/- 1.27%, 19 times out of 20.

Data was weighted based on census data to ensure the sample matched the Canadian population by age, gender, education level and region.

This survey was funded by the Canadian Real Estate Association (CREA), the Canadian Alliance to End Homelessness (CAEH) and the Canadian Co-operative Housing Federation (CCHF).

Abacus Data complies with CRIC’s public opinion research standards and disclosure requirements which can be viewed here: