A recent Ipsos poll conducted for Global News revealed that Canadians are facing a growing cost-of-living crisis. The survey showed that 80 percent of Canadians believe that owning a home is now only for the rich, a significant increase from the previous year. This sentiment is especially prevalent among younger generations, with 90 percent of gen Z respondents and 82 percent of millennials sharing this belief. The survey also found that 72 percent of non-homeowners in Canada have given up on ever owning a home, indicating a growing sense of hopelessness in the housing market.
Despite the belief that home ownership is becoming increasingly out of reach for many Canadians, the survey also showed that most respondents believe it is possible to be financially secure without owning a home. However, the number of people who hold this belief has decreased compared to the previous year. The survey reflected how stressed many Canadians are feeling about the idea of homeownership, with a growing number of people feeling that they need to own a home but fewer believing that they can achieve this goal. Additionally, only 23 percent of those surveyed feel that the federal government is adequately addressing housing affordability.
The survey also highlighted concerns about rising average home prices in 2024, with 58 percent of respondents believing that prices will continue to increase. This perception may be contributing to the sense of hopelessness and financial strain that many Canadians are experiencing. While overall inflation rates have decreased from previous highs, many Canadians are still feeling the pinch at the grocery store. The survey indicated that 83 percent of respondents reported an increase in their weekly grocery bills, with lower-income households experiencing even greater cost hikes. Many Canadians are coping with the rising cost of living by seeking out sales, switching to cheaper grocery stores, and cutting back on certain food items.
With a larger portion of their monthly budgets going towards cost-of-living expenses, some Canadians are finding it challenging to save for retirement. The survey showed that 21 percent of respondents have put retirement savings on hold due to the increasing cost of living, and 29 percent have had to dip into their personal savings to make ends meet. Furthermore, the Ipsos polling indicated that the Liberal Party, led by Prime Minister Justin Trudeau, is now trailing the Conservative Party by 19 points in the polls, suggesting a lack of confidence from Canadians in the government’s handling of the cost-of-living crisis.
Overall, the survey results paint a concerning picture of the financial struggles facing many Canadians. The increasing belief that home ownership is only attainable for the wealthy, along with rising housing prices, grocery bills, and other living expenses, is contributing to a growing sense of financial insecurity. Many Canadians are being forced to make difficult choices, such as cutting back on essentials and delaying savings for retirement. The survey results also indicate a lack of confidence in the government’s ability to address these economic challenges, suggesting that political changes may be on the horizon as Canadians seek solutions to the ongoing cost-of-living crisis.
