Survey: A Record Number Of Canadians Say They’ll Never Be Able To Afford To Own A Home

60% also say they are anxious about inflation and their family finances.

A new survey by Mortgage Professionals Canada (MPC) reveals a record number of Canadians saying they have lost hope of owning a home.

According to the survey, 33% of non-home owners say they don’t think they will ever be able to buy a family home.

Last year, 18% said the same.

Six months ago, 25% said the same.

Thus, there has been a significant deterioration in confidence.

That deterioration is also seen in the 60% who say they are anxious about inflation and the impact on their finances.

As Mortgage Professionals Canada noted, that numbers gone up significantly in a short period of time:

“All of this has led to far more Canadians who are anxious about inflation and their family’s finances, which was close to 60 percent at the end of 2022. This is up 20 percent from just six months earlier. The rapid decline in affordability—thanks to both high home prices and now high interest rates—has played a central role in Canadians’ view towards homebuying.”

Years of stagnant (and now falling) per capita GDP along with declining purchasing power have left many Canadians in a precarious position.

Spencer Fernando

Photo – YouTube


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