A recent poll conducted by Ipsos Global Public Affairs for Global News revealed alarming statistics regarding the cost of living crisis in Canada. The survey showed that four in five Canadians now believe that owning a home is only for the rich, which is a significant increase from a similar poll conducted just over a year ago. The sentiment that home ownership is out of reach is widespread across different age groups, with 90 percent of gen Z respondents and 82 percent of millennials sharing this belief. Additionally, 72 percent of non-homeowners have given up on the idea of ever owning a home, reflecting the growing financial strain on Canadians. The CEO of Ipsos emphasized the high level of stress that the prospect of home ownership is causing among Canadians.
The survey also found that only 23 percent of respondents feel that the federal government is doing enough to address housing affordability, marking a decrease from the previous year. Despite efforts outlined in Budget 2024 to increase homebuilding in the country over the next eight years, over half of Canadians believe that the country will fail to build enough housing to keep up with demand. Furthermore, nearly six in 10 Canadians expect average home prices to rise in 2024, indicating a lack of relief in sight for prospective homeowners. While inflation rates have decreased, the Bank of Canada’s policy rate remains elevated, leading to higher borrowing and shelter costs for Canadians.
The poll also highlighted the impact of rising costs on grocery bills, with 83 percent of respondents reporting increases in their weekly grocery expenses. Lower-income households are particularly affected, with a third of those earning under $40,000 spending significantly more on groceries. To cope with the rising cost of living, many Canadians are adjusting their shopping habits, with a majority seeking out sales and switching to cheaper grocery stores. Executives in the grocery industry noted that while food inflation has eased, the broader economic challenges are compelling consumers to cut back on spending and make sacrifices in their budgets.
As Canadians navigate the escalating cost of living, many are facing difficult decisions about their financial future. A significant portion of respondents indicated that they have put retirement savings on hold or have dipped into their personal savings to make ends meet. The increasing pressure on household budgets has led to cutbacks in various areas, including dining out less, delaying purchases, and even forgoing medical prescriptions due to cost concerns. The Ipsos poll revealed that many Canadians feel that the current government’s response to economic challenges is inadequate, with the Liberal Party trailing in polls behind the Conservative Party. This suggests that addressing the cost-of-living crisis is becoming a critical issue for Canadian policymakers as they strive to win over voters and address the urgent financial challenges faced by Canadians.
In conclusion, the Ipsos poll sheds light on the worsening cost of living crisis in Canada, with concerns ranging from home ownership affordability to grocery expenses. The growing sentiment that owning a home is only feasible for the rich, coupled with insufficient government action on housing affordability, highlights the urgency of addressing these issues. As Canadians grapple with rising costs and financial pressures, policymakers face the challenge of responding effectively to the needs and concerns of the population. The poll underscores the need for comprehensive solutions to alleviate the burden on households and ensure that Canadians can afford basic necessities without sacrificing their long-term financial security.
