The big contradiction between the dream and the reality of homeownership: access to homeownership in Canada, 1986-2016

Homeownership is a symbol of success in many societies. Yet, deteriorating housing affordability, coupled with the spread of casual labor and job insecurity, makes homeownership out of reach for many and calls into question the sustainability of the homeownership ideology. This study contributes to the scholarly debate on the ideal versus the reality of homeownership by examining stratified access to homeownership in Canada from 1986 to 2016 using six waves of population census data. We examined three narratives underlying the promises of the homeownership ideology: (1) widespread and (2) equal opportunities for homeownership access, and (3) the achievement of financial security through building property assets. This study investigates access to three types of housing tenure: outright homeownership, mortgaged homeownership, and renting, and presents empirical evidence that challenges the ideological premises of homeownership. As homeownership becomes more unattainable, "Generation Rent" and low- and moderate-income households lose opportunities for asset building and wealth accumulation.