Can co-ownership solve Canada’s housing affordability crisis?
According to a national opinion poll conducted by Abacus Data earlier this year, which was commissioned by Canadian real estate tech company Key, 80% of Canadians believe every Canadian should have the opportunity to buy a home. However, almost everyone also agreed that homeowner access is a problem in Canada, with 9 out of 10 potential homeowners feeling “off” from owning a home someday.
Of those who were told about the co-ownership model offered by Key, 90% shared the view that it would make homeownership more accessible.
The vast majority of Canadians surveyed agreed that homeownership access – the ability to own a home – is a problem nationwide. This includes almost half (48%) who described it as a major problem. Canadians from all sections of the country, of all ages, and of all political parties share this view.
Since the majority of Canadians (78%) feel that every Canadian should have the opportunity to buy a home, concerns regarding homeowner access are widespread and strongly held. Eighty-eight percent of people who don’t own a home agree with the statement that “Looking at the housing market in Canada, I feel out of place on my dream of owning a home.”
When asked whether co-ownership should be included in new housing complexes as a strategy to make apartments more affordable, 68% agreed, while only 8% disagreed; The rest were undecided. 93 percent of renters said the concept of co-ownership appealed to them, with half saying it was very appealing.