Housing prices have increased substantially in recent years, with Canadians experiencing a 21% increase in rental prices and a 29% increase in mortgage payments in the past year alone. To keep up with rising costs, many Canadians spend over one-third of their gross annual household income on housing expenses including rent, mortgage payments, and utilities. In each province, 4-in-5 spend at least 30% of their income on housing; 3-in-5 spend more.
The high cost of housing heavily impacts renters. 2-in-3 spend over 30% of their income on housing (68%), compared to 49% of homeowners that do. Adults aged 18-54, LGTBQ2+ Canadians, households with children, individuals with low incomes, and persons with disabilities are more likely to be renters and more likely to have housing costs exceeding 30% of their income. While homeowners tend to spend less of their income on housing and benefit from building equity with their payments, this does not alleviate concerns about unaffordable housing. 4-in-5 homeowners renewing their mortgage in the next 2 months are concerned they won't be able to afford their payments once they renew (80%).
With prices so high, it is not surprising that 28% of Canadians have moved because of the cost of housing in their area. However, regardless of urban or rural location, or province, most Canadians do not have a choice but to spend large portions of their income on shelter. Adults over the age of 55, those with household incomes of over $100,000, and Canadians who already own their home outright are among the fortunate who can keep housing costs below 30% of their income, a benchmark for affordability.
Advanis conducted a random survey of 3165 Canadians between April and June 2024. Results of the survey are accurate to within +/- 1.74%, 19 times out of 20.