According to a new survey from Finder.com, 29 per cent of adult Canadians have resigned themselves to never owning a home. While 16 per cent (more than 5 million Canadians) said they were no longer interested in homeownership in 2022, another 13 per cent (roughly 4 million) said they expect they will remain renters for life.
Referred to in the survey as “Generation Rent”, the data could significantly alter the housing market and the types of dwellings needed over the coming years.
“Buying a home is a significant decision that requires a large emotional and financial commitment,” said Romana King, Senior Finance Editor with fintech comparison platform Finder.com. “For many, the erosion of housing affordability combined with rising mortgage costs, means the barriers to homeownership now appear almost insurmountable.”
Survey findings:
- Approximately nine million Canadians aged 18-plus have resigned themselves to rent forever.
- While 1 in 10 said they are optimistic about becoming a first-time home buyer within the next five years, almost a third (29%) confessed that “renting forever” is the far more realistic option.
- 16 per cent (or five million adults) said they were no longer interested in homeownership in 2022 — a 60 per cent increase from 2020.
- Another 13 per cent (or four million Canadians) said they expect to rent for the rest of their lives.
- While both men and women share this attitude equally, 17 per cent of women reported no interest in homeownership in 2022—up from 9 per cent two years ago.
“Getting on the property ladder can feel out of reach for many potential first-time home buyers,” King said. “While there are significant obstacles to overcome—such as a large down payment and qualifying for loans at higher mortgage rates—it is still possible to fulfill the homeownership dream. The work to make this happen starts long before you open up the ‘for sale’ apps.”
For the survey results, click here: Generation Rent: 9 million Canadians settle to rent forever | Finder CA
