More Canadians are resorting to picking up gig work to be able to afford a home

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 per cent 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 per cent) of people hoping to buy a home this year are also cutting back on their monthly expenses. That's up from 45 per cent 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.

Infographic from 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.