For generations, homeownership has been a cornerstone of the Canadian dream. It has represented stability, financial security, community involvement and an opportunity to build wealth over time. But a recent national survey conducted by Abacus Data for the Canadian Home Builders’ Association (CHBA) suggests that while Canadians, particularly younger Canadians, still aspire to own a home, many are losing confidence that they will ever achieve that goal.
The survey of 3,000 Canadians paints a picture that should concern policymakers at all levels of government. The findings reveal a growing gap between aspiration and reality, especially among younger adults who increasingly see homeownership as something they want, but may never attain.
The good news is that the desire to own a home remains remarkably strong. Seven in ten non-homeowners say they still want to own a home someday. Among Canadians aged 18 to 29, that number rises to an astonishing 89 per cent. Even among households earning less than $50,000 annually, six in ten still hope to become homeowners one day.
Those numbers tell us something important. Despite years of rising housing costs, high interest rates and affordability challenges, young Canadians have not abandoned the dream of homeownership. What has changed is their confidence.
According to the survey, only 29 per cent of non-homeowners are confident they will ever be able to buy a home. Among younger Canadians, uncertainty is particularly acute. Forty-two per cent of those aged 18 to 29 say they hope to buy a home someday but are unsure whether it will ever be possible.
Perhaps most striking is the emotional significance attached to homeownership. The survey found that 72 per cent of young adults aged 18 to 29 would be disappointed if they were unable to achieve homeownership. For many, owning a home remains a life milestone tied to family formation, stability and future planning.
As Abacus Data CEO David Coletto observed, “Canadians haven’t stopped wanting to own a home, they’ve stopped believing the system is built to let them. Homeownership is still the goal for many, but confidence is collapsing, and that’s the real danger signal.”
The survey also highlights a growing consensus among Canadians about what is causing the housing crisis. Seventy-nine per cent believe Canada’s housing system is not working as it should, while 74 per cent say not enough homes of all types are being built. Fully 86 per cent believe housing affordability challenges now affect middle-income Canadians, not just low-income households.
In other words, Canadians increasingly view housing affordability as a systemic problem rather than an issue affecting a small segment of society. The findings also challenge the notion that housing policy should focus exclusively on subsidized or non-market housing. While Canadians recognize the importance of affordable housing programs, they overwhelmingly support policies that increase overall housing supply and improve market affordability. Large majorities support measures that reduce housing costs, speed up approvals and encourage the construction of more homes.
CHBA’s CEO noted that, “An inability to access homeownership reduces overall housing production and places additional pressure on rental and social housing. A comprehensive approach that supports the full housing continuum is desperately needed, otherwise affordability challenges will persist.”
Perhaps the most encouraging finding is that Canadians have not lost faith that the problem can be solved. Three-quarters of respondents believe Canada’s housing challenges can be improved with the right policies and leadership. Yet that optimism is accompanied by frustration. Only 19 per cent of Canadians are satisfied with federal government action on housing affordability, while similar dissatisfaction exists with provincial and municipal efforts.
For those of us working in the housing industry, these findings should be both a warning and a call to action. If younger Canadians lose confidence that homeownership is attainable, the consequences will reach far beyond housing, affecting family formation, labour mobility, and intergenerational equity. Canadians understand that more homes must be built and support policies that reduce costs, remove barriers, and increase supply. Young Canadians still believe in the dream of homeownership; the question is whether policymakers are prepared to focus on results and take the actions necessary to make that dream achievable again.
