Thursday, April 27, 2023

At a glance (3 minute read)

  • A majority of BC and Canadian renters believe that home ownership may be unattainable, with those aged 55+ being the most likely to give up on the dream.
  • Only a small percentage of Canadians plan to buy a home or sell their current one in 2023, while many believe that owning a home is only for the rich.
  • Co-ownership with family or friends is an option for many Canadians, especially younger age groups, and many believe that it's possible to be financially secure without owning a home. However, many Canadians are worried about high interest rates and the future of the housing market.

More than seven in ten BC renters (72 per cent) have given up on ever owning a home and Canada-wide more than six in ten (63 per cent) believe the dream of home ownership may be unattainable, according to a new Ipsos poll conducted on behalf of Global News.

The poll, conducted between March 20 to 22, 2023, surveyed 1,001 Canadians aged 18+. Those 55+ are most likely to say they have given up on ever owning a home (78 per cent). 

Canadians planning to buy or sell a home?

Over the next year, most Canadians say they’ll stay put.

  • Just one in five (19%) of those surveyed say they’re likely to buy a home in 2023.
  • 14% of home owners say they’re likely to buy a second or investment home.
  • 17% of home owners say they’re likely to sell their home.

In BC, 15 per cent of those surveyed say they’re likely to buy a home.

  • Just three in ten (30%) of Canadians agree that now is a good time for first-time buyers to buy a home.
  • 44% agree now is a good time to sell a home. 

Is real estate a good investment?

More than three-quarters of Canadians (76 per cent) say yes, owning a home is the best investment a person can make.

Only the rich can afford a home

  • Close to eight in ten (76%) of British Columbians think home ownership is only for the rich.
  • Seven in ten (69%) of Canadians agree owning a home is now only for the rich.
  • 44% of Canadians say that owning a home is so far out of reach for them, they’re considering focusing less on earning money and more on enjoying themselves.
  • Younger Canadians would focus more on enjoying life than saving money (55%) compared to older age groups (44% age 35-54 and 38 per cent age 55+).

Do children make a difference?

  • Those with children in their household are more likely to think home ownership is a major milestone (58% vs. 44% without children).
  • Those without children are more likely to say they’ve given up on owning a home (66% vs. 53% of those with children).

Co-ownership

  • Half of Canadians (51%) say they would consider co-ownership with family or friends to afford a home.
  • Joint home ownership with family and friends appeals more to younger Canadians (69% age 18-34) than those older (49% age 35-54 and 34% age 55+). 

Not owing a home

  • In BC, 46% of those surveyed say they won’t feel they have accomplished what they need to without owning a home.
  • Eight in ten (80%) of Canadians agree that it’s possible to be financially secure and not own a home.
  • 46% of Canadians think owning a home is less important now than it was 25 years ago. 

Government help

Only one-quarter (27 per cent) think the federal government is doing enough to address the housing affordability issue in Canada. 

Government barriers

Seven in ten (71 per cent) of Canadians say high interest rates have sidelined them for now, and they won't buy or sell a home as a result. 

Canadians are worried about the future

  • 47% agree that many Canadians will default on their mortgage payments due to high interest rates;
  • 36% agree that not enough housing will be build in Canada to keep up with demand; and
  • 35% agree average home prices will increase.

The Ipsos poll is accurate to within ±3.5 percentage points, 19 times out of 20.

If you have questions about this poll, contact Harriet Permut, director of government relations at hpermut@rebgv.org. 

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