With the meteoric rise of the real estate market, more than six out of 10 Quebecers who do not already own a house (64%) have given up the idea of buying one day, revealed an Ipsos survey.
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Conducted on behalf of Global News, the survey indicates that 63% of Canadians have put a cross on their dream of becoming a homeowner.
“As home prices go up, inflation continues to rise and interest rates go up, we can see that many Canadians have kind of given up on the idea of owning a home,” said the Vice President of Public Affairs at Ipsos, Gregory Jack, in an interview with Global News.
Quebec being in the middle, this figure increases when the question is asked in Ontario (72%) and British Columbia (69%), where house prices are at their peak.
Figures that illustrate the idea that a house is a luxury that only the rich can afford. We then observe that this idea is supported mainly among the youngest, with 71% of 18-34 year olds and 73% of 35-54 year olds of the opinion that only the rich can buy a house. Among those aged 55 and over, 60% are of this opinion.
In its most recent budget, the federal government announced measures to facilitate home ownership. Among these, we find the creation of a TFSA that will allow Canadians wishing to buy a first home to set aside amounts that will be tax deductible.
Still, 75% of Canadians feel that Ottawa is not doing enough to address the problem. This is why half of Canadians (51%) plan to opt for condominiums instead.
“At the end of the day, people are feeling the pressures of the market and they may be looking at things that they wouldn’t have considered before,” concluded Jack.