Canada’s housing crisis is impacting lives across the nation, whether you rent or own a home. What was once a standard aspiration—owning a home—now feels like an unattainable luxury for most Canadians. From skyrocketing rents to increasing reliance on food banks, the effects of the cost-of-living crisis are felt deeply.
Households are grappling with record levels of debt, and Canada’s debt-to-disposable-income ratio is now the highest among G7 countries. Beyond the financial strain, the lack of affordable housing is reshaping societal norms, delaying family planning, and contributing to declining mental health and well-being.
The Growing Impact of the Housing Crisis
A home is often seen as a cornerstone of stability and security. Yet, for many Canadians, owning a home has become an impossible dream.
According to Habitat for Humanity Canada’s 2024 Affordable Housing Survey, conducted by Leger, 84% of Canadians now view homeownership as a luxury, with 88% of renters saying it’s entirely out of reach. This sentiment resonates particularly with younger generations, as two-thirds of Gen Z and half of millennials have considered postponing family plans due to housing affordability.
Among the survey’s key findings:
- Stability and Financial Future: 87% believe homeownership creates life stability, while 86% see it as essential to a stronger financial future.
- Sacrificing Basic Needs: Nearly 60% of Canadians report sacrificing essentials like food, clothing, and education to cover rent or mortgage payments.
- Mental Health Strain: Four in ten Canadians report stress from being unable to buy a home, with 40% of homeowners saying mortgage costs impact their mental health.
Pedro Barata, President and CEO of Habitat for Humanity Canada, highlights the interconnectedness of the crisis:
“The housing crisis is no longer just about housing. Young Canadians are rethinking or delaying major life decisions to achieve homeownership, signaling a deep and lasting impact on future generations.”
Young Canadians Hit the Hardest
The survey reveals the disproportionate impact on younger generations:
- Delayed Milestones: 44% of Gen Z and 40% of millennials report fewer job opportunities after moving to more affordable areas.
- Relocation Abroad: Nearly one-third of millennials (29%) and a quarter of Gen Z (25%) are considering moving to another country in search of affordable housing.
- Downpayment Concerns: Saving for a downpayment is the top worry for 73% of Gen Z.
Public Sentiment and Political Accountability
Canadians are united in their call for action. Three-fourths believe addressing the housing crisis should be a non-partisan priority. However, many are skeptical of the government’s ability to meet its housing goals, with 68% doubting the feasibility of building 3.87 million new homes by 2031.
Canadians have clear expectations for government intervention:
- 64% want reduced fees and taxes for homebuyers.
- 46% support more programs for affordable homeownership.
- 44% advocate for converting unused spaces into housing areas.
With the next federal election on the horizon, political parties will face mounting pressure to tackle this crisis collaboratively and effectively.
Conclusion
The housing crisis is more than a financial issue—it’s a societal challenge affecting mental health, family planning, and future generations. Despite the grim outlook, Canadians remain hopeful about the transformative benefits of homeownership and are demanding bold, systemic solutions.
As Barata emphasizes, “Homeownership can’t just be the privilege of the wealthy or lucky few.” Addressing the crisis requires urgent and collaborative efforts to ensure stability and opportunity for all Canadians.
References
- Habitat for Humanity Canada’s 2024 Affordable Housing Survey: Habitat for Humanity Canada
- Statistics Canada Report on Fertility and Housing Affordability: Statistics Canada
- Canadian Households’ Debt-to-Income Ratio: The Globe and Mail
Canada Housing Market 
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