Newly released data paints a bleak picture for housing affordability in Canada

New data has been released on behalf of the federal government indicating a major shift in national attitudes towards housing affordability. 

This information was released in tandem with the third cycle of the Canadian Housing Survey, an ongoing study conducted on behalf of Statistics Canada that collects information about housing needs and experiences via Canadian households. 

The results of this research — as indicated by StatsCan officials — come from a study pool that operated throughout 2022, which pointed to a substantial shift in national sentiments toward housing affordability. 

Highlights from the study indicate that in 2022, the majority of households living in unaffordable housing conditions maintained a steady baseline, as the 2022 numbers showed that roughly 20 per cent of Canadians were struggling, while five years prior, in 2018, the number of households hovered around 18 per cent. 

According to Statistics Canada, the foundation used to measure individuals living in unaffordable housing is defined as spending 30 per cent or more of their income specifically on shelter costs, be it rental or mortgage payments. 

From 2018 to 2022, shelter costs increased nationally by 20 per cent.

Using this as a metric, more Canadians were dissatisfied with housing affordability in 2022 (14 per cent) compared to 2018 (11 per cent).

Beyond information collected over the initial four-year period, information released via the housing survey also pointed to a hostile environment for renters entering the ‘current’ market landscape, as 34 per cent of new renters in 2022 indicated they were struggling with affordability compared to the overall 20 per cent who were in already established housing. 

As for first-time home buyers, a major leap of nearly 8 per cent hit the dissatisfaction rate between 2018 and 2022 in regarding affordability, going from 13 per cent to 21 per cent in just four years. 

As for those who were looking to manage the impact of a seemingly unaffordable market, data collected in 2022 indicated that 245,900 households reported being on a waitlist for subsidized housing options — with two-thirds (153,800) —  being forced to wait for two years or longer.

For more information on data from this survey, visit the Government of Canada’s official website.