A significant fraction of Canadians indicated a belief that home ownership is out of reach and that they will be renting forever, according to a new poll by financial comparison platform Finder.com.
The study found that around 3.4 million Canadians, amounting to roughly 11% of the adult population, are losing hope of ever getting their own residential properties. Of those who don’t yet own homes, approximately 19% said that they will never be able to do so.
On a provincial scale, those in Nova Scotia (15%) are most likely to say they’ll be renting in perpetuity. Those from Manitoba (14%), Saskatchewan (13%), and Quebec (12%) have similarly gloomy outlooks, and these numbers are only likely to worsen amid the mounting unemployment brought about by the COVID-19 pandemic.
Despite these omens, younger Canadians tended to be more positive about their chances of ownership, Finder.com said. The most hopeful cohort was Generation Z, ages 18-24.
“It was surprising that 81% of young Canadians are so optimistic they will be homeowners, despite the high housing costs they are facing, compared to previous generations,” Finder.com country manager William Eve said. “Still, record low interest rates have been the norm for most of their lives so even with a higher mortgage, home ownership may be seen as a smart and even affordable alternative to renting, especially in some of Canada’s biggest cities.”