However, one segment is disproportionately affected by the price spike trend
Younger Canadians are more likely than older Canadians to be very concerned about their ability to afford housing or rent, according to Statistics Canada.
Those in the 15-29 (53%) and 30-39 (39%) age brackets were much more likely than those aged 40 and above (20%) to report being “very concerned” about their affordability prospects.
“This could be because older Canadians are more likely to have already purchased and paid off their home,” StatCan said.
The impact on buying patterns has been particularly apparent over the past year, with 39% of those aged 15-29 and 38% of those aged 30-39 saying that they did not push through with a home purchase or a new rental because of price concerns, versus the 24% share in the overall population.
An estimated 56% of Canadians across all demographics admitted to being “very concerned” (30%) or “somewhat concerned” (26%) about whether they can afford housing or rent.
Read more: Poll: Housing affordability still nowhere in sight in Canada
To weather the impact of mounting unaffordability, around half of StatCan respondents said that they have chased sales and promotions over the last six months. Another 47% have found themselves seeking out cheaper alternatives, brands, or items, and 45% have delayed making purchases.
Approximately 27% said that they borrowed money from friends or relatives, took on additional debt, or used credit to meet day-to-day expenses.
