Seven-in-10 renters say they can’t afford to buy a home yet (30%) or have given up on ownership (41%)
from Angus Reid
October 21, 2024 – As Canadians absorb the implications of another change in the inflation rate – down to 1.6 per cent – many are beginning to wonder what it will mean for their financial futures and pursuits of home ownership. For some, however, relief is lagging behind this key macroeconomic indicator.
Data from the non-profit Angus Reid Institute finds persistently high grocery and rental costs, which have bucked the overall downward trajectory of broader inflation, continue to put immense pressure on lower-income households. Overall, 51 per cent of Canadians say it remains a challenge to keep up with their household food needs, a proportion that has remained relatively consistent since it rose to this level in late 2021. Among those whose annual household incomes are lower than $50,000, the number having a difficult time rises to two-thirds (65%).