2022 Housing Affordability Survey
Is the current housing market affecting your ability to own your dream home?
Congratulations to our Housing Affordability Survey winner Richard K. from Cornwall, Ontario!
Housing affordability is a hard topic to miss, especially in the last couple of years. It wasn’t enough just to say, “housing prices have skyrocketed”. We thought it was important to know what was going on underneath the surface of the talk. What kind of outlook do people see for the future of the housing market and how are they handling the current market? We set up the 2022 Housing Affordability Survey to find out and received hundreds of responses.
The full results of the survey are in the chart above, but here are some stand-out highlights.
Can’t save money
With 38% of respondents saying that owning a home is Very Important and 23% saying They already own a home and it’s important to them, home ownership still obviously means a great deal to people. Even so, many are struggling to make it a reality. When asked, Are you currently saving for a home? 33% answered No, but I wish I was and 15% said, Yes, but not as much as I want to. The question, What’s holding you back from saving for your dream home? sheds some light on why people aren’t saving. Twenty-six percent answered that they have Insufficient income to save for a down payment and 18.7% stated they earn Insufficient income to qualify for a mortgage. People just don’t have the excess cash right now to save. Wallets are being squeezed every which way as proofed by the 31% of respondents that said their rent has gone up.
Arguably the most heartbreaking feedback from the survey is the sense of hopelessness that’s permeating the minds of would-be home buyers. Combined, these stats show a very bleak picture::
Are you currently saving for a home?
33% said No, But I wish I was
15% said Yes, but not as much as I wish
What’s holding you back from saving for your dream home?
26.1% said insufficient income to save for a down payment
15% said Insufficient income to qualify for a mortgage
Given the housing market, how realistic do you feel it is that you’ll buy a home in the next 2-5 years?
39% said Housing Prices are too high, I’ll never afford anything
20% said It’ll take forever because costs have gone up and I can’t save money
How do you see the housing market in the next 5-10 years?
53% said Prices continue to increase
Do you feel you will have to leave your current area in order to afford a home?
52% said No, houses are expensive everywhere.
These answers reveal that the mindset about home ownership right now isn’t just that it’s hard the feeling is that it’s impossible. A pipe dream.
The final blow to the heart-wrench that comes with looking at these stats are the answers to the very first question, How important is homeownership to you? With 38% saying that homeownership is Very important and 21% saying Somewhat Important it shows that hearts are still very much set on homeownership. There’s little worse than wanting something and feeling like it’ll never become a reality.
Why does all this matter? Why is it important to know what the collective mindset is about homeownership? Well, mindset is where change starts. We take action because our hearts and minds say we want something different than what is reality right now. Sometimes things need to break down before our minds change and we start taking action. Could that be what we’re seeing here? Could we be getting to the point of saying enough is enough? Things like the tiny house movement and RV living could be signs that we are. If that’s the case, maybe, just maybe things aren’t as bleak as they seem to be.
NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN. A purchase or payment will not increase your chances of winning. Chances of winning depend on the total number of eligible entries received during the contest period. The Prize(s) consist of $150. The 2022 Housing Affordability Survey begins on 13/04/2022, and ends on 12/05/2022. Void where prohibited. Open to legal residents of Canada who are of the age of majority (in the resident’s respective Province) or older. Other restrictions, terms and conditions apply. To enter and for complete contest rules, go to Contests & Sweepstakes – Rules. Contest sponsor: Consolidated Credit Counseling Services of Canada, Inc.