Housing Costs Strain a Growing Share of Canadian Households
In 2024, 23.2% of Canadian households spent at least 30% of their income on shelter costs, up from 22.0% in 2022. Unaffordable housing affected 33.7% of renters and 17.4% of homeowners, while the rate among mortgaged homeowners rose to 26.1%. More than one-quarter of households reported financial difficulty from higher rent or mortgage payments, and dissatisfaction with housing affordability climbed to 23.3%.
Recent first-time buyers and renters who had recently moved faced significant pressure. Among first-time buyers, 27.4% lived in unaffordable housing and 34.1% reported difficulty from increased mortgage payments. Recent movers paid an average monthly rent of $1,740, compared with $1,290 for longer-term tenants, while 301,000 households had a member on a social and affordable housing waitlist and 59.2% had waited at least two years.
