THE NUMBER OF RENTERS IN CANADA REACHES HISTORIC HIGH

The number of renters in Canada has risen to 33% of households, the highest percentage ever recorded. Financialpost experts have researched the rental market and concluded the following:

 

  • Twenty-eight out of the 50 largest cities in Canada have a higher proportion of renters than the national average.
  • The proportion of renters in the country has steadily increased over the past decade, growing twice as fast as homeowners from 2016 to 2021.
  • More than 40 percent of the houses built during this time are rented out, marking the highest rate of renters in recent decades.

 

Key Reasons for the Increase in Renters in Canada:

 

  1. Aging Population: Each year, the number of elderly people selling their homes and choosing to rent is increasing.
  2. Increase in Immigrants: More immigrants arrive in Canada each year, and they typically rent initially before deciding to buy their own homes.
  3. Housing Crisis: High housing prices and a shortage of available options force many people to choose renting as the only viable living option.
  4. Generation Z and Millennials Delaying Home Purchases: Young people are increasingly delaying buying their own homes due to financial difficulties, job market instability, and high real estate prices.

 

These factors together contribute to the growing popularity of renting in Canada.

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