{"id":851102,"date":"2022-07-04T09:24:13","date_gmt":"2022-07-04T13:24:13","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=851102"},"modified":"2024-11-05T21:54:49","modified_gmt":"2024-11-06T02:54:49","slug":"generation-rent","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/research\/generation-rent","title":{"rendered":"Generation Rent: 9 million Canadians don\u2019t believe they will ever be homeowners"},"content":{"rendered":"

Is housing affordable in Canada?<\/h3>

Not according to the data. A new survey shows that approximately nine million Canadians are settling to rent forever or completely giving up on the idea of homeownership.<\/p>

This comes shortly after RBC Economics released a report showing that housing affordability in Canada is at its lowest in 31 years and hot on the heels of multiple mortgage rate hikes \u2013 making homeownership even more unaffordable.<\/p>

In the new Finder: Generation Rent<\/em><\/strong> survey, 29%<\/strong> of Canadians \u2013 approximately 9 million adults (18+)<\/strong> \u2013 have either given up on the homeownership dream or resigned themselves to being \u201cforever renters.\u201d<\/p>

Shortly after the Bank of Canada\u2019s most recent rate hike<\/a>, Finder asked more than 1,200 Canadians about their home-buying intentions. Turns out 1 in 10 Canadians<\/strong> are optimistic about becoming a first-time home buyer within the next five years, but almost a third (29%<\/strong>) confessed that \u201crenting forever\u201d was a far more realistic option.<\/p>

Data shows, 16%<\/strong> of Canadians \u2013 representing more than five million adults aged 18 and older \u2013 said they were no longer interested in homeownership<\/strong> in 2022. Another 13%<\/strong> (almost four million) said they expected to rent for the rest of their lives.<\/p>

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Turns out the number of Canadians no longer interested in homeownership rose over the last few years. In a similar 2019 Finder survey, 1 in 10<\/strong> Canadians reported no interest in owning a home. In only a few years, the number of Canadians joining the ranks of Generation Rent rose by 60%<\/strong>.<\/p>

\u201cBuying a home is a significant decision that requires a large emotional and financial commitment,\u201d says Romana King, senior finance editor with fintech comparison platform Finder.com. \u201cFor many, the erosion of housing affordability combined with rising mortgage costs means the barriers to homeownership appear almost insurmountable \u2013 and it\u2019s turning a generation of Canadians into forever renters.\u201d<\/p>