Nearly 1 in 4 Canadian households live in unaffordable housing, StatCan says

New data from Statistics Canada reveals that the housing affordability situation in Canada has worsened, with nearly one in four Canadian households now living in unaffordable housing. In 2024, 23.2 percent of Canadian households found themselves in this predicament, up from 22 percent in 2022. Households are considered "unaffordable" if they spend 30 percent or more of their income on shelter costs.

Renters were more likely to be in unaffordable housing compared to homeowners, with 33.7 percent of renters facing this issue, compared to 17.4 percent of homeowners. About 36.6 percent of all Canadian households were homeowners with a mortgage, while 27.8 percent were homeowners without a mortgage. The remaining 31.3 percent were renters in the private market.

Affordability issues were particularly pronounced among homeowners with a mortgage, as the share living in unaffordable housing rose to 26.1 percent in 2024, up from 23.6 percent in 2022. This increase can be attributed to higher mortgage rates following the lows experienced during the COVID-19 pandemic. Over one-third (36.2 percent) of homeowners with a mortgage reported financial difficulty due to mortgage costs in 2024.

Renters who moved houses within the past two years faced higher costs compared to those who remained in their current homes. In 2024, those who had moved recently paid an average monthly rent of $1,740, compared to $1,290 for those who had lived in their homes for more than two years. As a result, 40 percent of recently moved renters were in unaffordable housing, compared to 32.2 percent of sitting tenants.