Owning a home may be becoming an increasingly elusive aspiration for a large number of Canadians due to soaring prices. “The stress of housing costs is not only affecting Canadians’ financial wellbeing, but it’s also impacting their broader lifestyle choices and overall quality of life,” commented Alana Lavoie, a representative of Habitat for Humanity Canada.

She further added, “We are witnessing a delay in significant life decisions due to this issue.” As per the findings of a survey conducted by Habitat for Humanity Canada, about 80% of Canadians now perceive homeownership as a privilege rather than a standard. The housing crisis seems to be hitting hardest in British Columbia.

Lavoie remarked, “The majority, about 75% of British Columbians, see it as a significant issue, the highest such sentiment across the country.” The survey results highlight the deep-seated issue of access to affordable housing and homeownership opportunities, particularly in British Columbia.

Data from the Interior Realtors Association indicates a year-on-year increase in the benchmark price of single-family homes. In the Central Okanagan region, the prices hover around $1 million, while in the North and South Okanagan and the Shuswap/Revelstoke regions, they range from $730,000 to $765,000.

Ross Hickey, an associate professor of Economics at the University of British Columbia, opines that the median house price is out of proportion to the median income in several labor markets. He attributes the price fluctuations to the increase in the number of people settling in the Okanagan.

Habitat for Humanity Okanagan has been striving to make homeownership attainable by building homes for families. So far, they have built 53 homes, providing housing for 53 families. This effort reflects their commitment to helping Canadians realize their dream of owning a home, despite the current challenges in the housing market.