Financial and emotional strain on the rise
A new survey has revealed the deep impact of Canada’s housing crisis, showing how unaffordable housing is affecting Canadians’ finances, mental health, and family lives.
Conducted by Abacus Data in collaboration with housing organizations such as the Canadian Real Estate Association (CREA) and the Canadian Alliance to End Homelessness (CAEH), the study highlights how the housing crisis is reshaping priorities and creating widespread anxiety.
For nearly half of Canadians (43%), the housing crisis is adding to financial stress, a number that has risen since last year. It’s not just about money—35% say their quality of life has taken a hit, and 33% report mental health challenges directly tied to housing difficulties.
For younger Canadians aged 18-44, the toll is even greater, with disruptions to family life, delayed plans for children, and the stress of potential relocation due to rising costs.
“Housing challenges are no longer just a market issue; they’ve become a life issue,” the report read.
The survey also showed growing concern about housing security. Over half of respondents (58%) worry about affording their mortgage or rent, with younger and lower-income Canadians feeling the most pressure.
Among those aged 18-29, 68% are concerned about meeting housing costs, and 71% of those aged 30-44 express similar fears. The anxiety is highest in expensive regions like British Columbia and Ontario, where over 60% of residents fear financial instability could result in losing their home.
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While homeownership remains a cherished goal for many, it is increasingly out of reach for younger Canadians. Among non-homeowners, 72% aspire to buy a home, but nearly half (45%) feel pessimistic about achieving that dream. Among those aged 18-29, 41% still hold hope, but many admit their optimism is waning as housing costs climb and savings fail to keep pace.
The challenges have led some Canadians to explore alternative housing options. Rent-to-own programs, tiny homes, and co-operative living are becoming more attractive, particularly to younger generations and urban dwellers looking for solutions in an unaffordable market.
“Young people, families, and low-income households are struggling to cope with an increasingly unforgiving housing market,” the report said. “Addressing these challenges is critical to restoring balance and security to Canadian communities.”
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