Canadians turn to gig work for homeownership dream
It’s no secret that buying a first home in Canada is a difficult task. Some Canadians are so dedicated that they’re taking on second jobs and gig work to make their dreams of homeownership a reality.
A new survey from real estate platform Wahi suggests would-be buyers are committed to owning their first home in 2025 — so much so that they’re turning to gig work at much higher rates than those who already own.
About a third of first-time buyers surveyed reported working longer hours to top up their bank accounts ahead of making an offer. That’s up from 21% of respondents last year who said they’d extend their hours at work to afford homeownership.
Gig work is a popular choice for ownership hopefuls, with one in 10 considering side hustles like driving for ride-hailing apps.
“The message from many Canadians is clear — they’re going to do what it takes to step onto the property ladder,” Wahi CEO Benjy Katchen said in a news release. “While lower interest rates and new mortgage rules have improved housing affordability somewhat, many Canadian homebuyers are taking a more proactive approach.”
More than half (52%) of people hoping to buy a home this year are also cutting back on their monthly expenses. That’s up from 45% last year who said they were slashing monthly spending to afford a home.
About a third are also changing their investment strategies to make buying a home happen. That’s up from about one in five homebuyer hopefuls saying they’d shuffle their portfolios last year.
Wahi
“Compared to non-first-time homebuyers, first-time homebuyers are more flexible when it comes to making concessions to afford a home,” Wahi said in its news release.
These findings come at a time when many Canadians are looking to reign in their spending and find second jobs as the country deals with an elevated cost of living following post-pandemic inflation.
While some folks may find working longer and cutting spending could allow them to finally own a home, others are doing this just to afford rent and bills.
The cost of living crisis recently prompted Canada’s Liberal government to enact a tax holiday, giving some customers a break from added tax on certain products. How to tackle Canada’s lack of affordability is also a key topic for the 2025 federal election.