A majority of young people in Toronto see home ownership as an unaffordable luxury if not an impossibilty, and many find the situation difficult to handle, mentally and emotionally.
This sentiment comes from an online Leger survey commissioned by Habitat for Humanity that asked 1,500 Canadians over the age of 18 their thoughts on housing. This survey ran from Aug. 22 to Sept. 2.
Habitat says the majority of GTA residents (86 per cent) agree that buying a home has become a luxury nowadays and 80 per cent agree owning a home in Canada has become impossible.
Meanwhile, 60 per cent of GTA residents are spending 50 per cent or more of their household income on housing costs — including rent, mortgage, maintenance, etc.
The results also show 46 per cent of GTA residents agree the financial, mental, and emotional stress of not being able to buy a home is difficult to manage.
Habitat for Humanity is the country’s only national affordable homeownership organization.
Its third annual survey looked at the broader implications of Canada’s housing crisis, including its impact on mental health and well-being, and a growing economic and generational divide.
It said 74 per cent of Canadians agree communities are being fractured by a lack of appropriate housing for low- and middle-income people.
Over half (59 per cent) worry about sacrificing other basic needs like food, living essentials, clothing and education in order to afford their rent or mortgage payments.
For those who do own a home, 39 per cent believe the cost of their mortgage impacts their mental health and well-being.
Key Gen Z and Millennial survey findings suggest:
- Two-thirds of Gen Z Canadians (66 per cent) and almost half of Millennials (48 per cent) have considered delaying starting a family because they can’t afford a suitable home.
- Four-in-10 Gen Z (44 per cent) and Millennials (40 per cent) say they have fewer job opportunities because they had to move to a more affordable area.
- Almost one-third of Millennials (29 per cent) and Gen Z (25 per cent) would consider relocating to another country to find affordable housing.
“Canadians are sending a clear message: the housing crisis is no longer just about housing,” said Pedro Barata, president and CEO of Habitat for Humanity Canada.
“This is particularly evident for young Canadians, who are rethinking or delaying major life decisions to achieve homeownership, signalling a deep and lasting impact on future generations and society as a whole.”
The survey suggested a majority of Canadians believe solving the crisis should be a non-partisan issue (75 per cent).
The survey found that most Canadians — 68 per cent — think it is not likely the federal government will achieve its housing goal of building 3.87 million new homes by 2031.
When asked what actions governments should prioritize to tackle the housing crisis, 64 per cent of Canadians favoured lowering fees and taxes for home buyers, 46 per cent supported creating programs to encourage affordable homeownership, and 44 per cent supported converting unused space for housing.
For more on the survey, visit habitat.ca/en/news/2024housingsurvey.
