Sept 20, 2024
Survey: Housing costs top financial concerns for Canadians
A recent survey by Modus Research has revealed that housing costs remain a primary concern for Canadians, with almost half of respondents identifying the real estate market as a threat to their financial stability. Despite a recent softening in most markets, three-quarters of Canadians are still highly concerned about housing affordability.
The survey highlighted a significant disparity between renters and homeowners, with 92% of renters expressing worry, compared to 66% of homeowners. Additionally, younger Canadians and those with lower incomes are more likely to be troubled by rising housing costs.
Few expect relief soon, with most predicting an increase in rent and home prices over the next year. These findings underscore the ongoing strain that housing affordability places on Canadians’ overall financial well-being.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.