Nearly one in four Canadian households face unaffordable housing in 2024

A new report from Statistics Canada reveals that housing affordability deteriorated in 2024, with 23.2% of households spending 30% or more of their income on shelter, compared with 22% in 2022. Renters are disproportionately affected, as 33.7% fall into the unaffordable category, while 17.4% of homeowners do so. Mortgage borrowers face heightened pressure, with 36.2% reporting financial difficulty after renewing at higher rates, an increase of 7.9 percentage points since 2022.

More than one-third of households own homes with a mortgage, and over a quarter own homes outright. Renters who moved within the past two years pay an average of $1,740 per month, versus $1,290 for those staying longer, and 40% of recent movers experience unaffordable housing versus 32.2% of stable tenants.