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Home Business Renting is growing twice as fast as home ownership, census reveals

Renting is growing twice as fast as home ownership, census reveals

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Top 3 Best Realestate news: Census data shows that the number of households renting a home is growing twice as fast as the number of homeowners.

Statistics Canada revealed Wednesday that the number of households renting a home has increased by more than 21% between 2011 and 2021. In contrast, the number of households owning a home increased by only 8% over the same period.

Although the gap is narrowing, the number of owners still significantly outnumbers the number of renters. Last year, he surpassed 10 million households owning a home. That’s about double her 5 million in rental households.

Overall, Canadians are less likely to own their own home than they were in 2011.

The trend away from home ownership is particularly pronounced among younger demographics, who are generally the most likely to want to buy.

In 2011, approximately 44% of the cohort aged 25-29 owned a home. By 2021, that percentage had dropped to 36.5% he said.

The decline for the following age groups was about the same, decreasing from 59.2% to 52.3% between 30 and 34 years old.

squeezed by young professionals

Kirsten Lynne is one of a group of young professionals feeling pressured by affordable housing. She moved to Yellowknife in the summer of 2019 and said she was shocked at how unaffordable her housing options were despite earning a six-figure salary.

She rented a one-bedroom apartment for $1,800 a month before her landlord moved out, upgraded her apartment, and charged extra. This is a phenomenon known as “renovation”.

She considered buying a condo, but “the options to buy in Yellowknife Market are tough for a single person like me,” she told CBC News. I am renting a two-bedroom apartment for $2,000.

“Your dollars aren’t very useful here.”

Lynne is 36 and her choice of renting or owning is emblematic of her generation. Census data clearly shows a demographic gap between homeowners and renters, with baby boomers defined by data agencies as those aged 56 to 75 in 2021. 41.3% of all homeowners in Canada.

Meanwhile, millennials (aged 25-40 in 2021) make up 32.6% of all renters.

There are costs to both owning and renting, but those who own a home are lucky enough to be able to offset those costs by significantly increasing the value of their home. Not so with renting.

Worse for renters, the average cost of keeping the roof overhead has increased more than owners have experienced. From an average of $910 per month in 2016 to $1,070 in 2021, the average cost of a shelter among renters has increased by 17.6% over the past five years.

That’s nearly double the 9.7% increase borne by owners, whose average monthly cost increased from $1,130 in 2016 to $1,240 last year.

These costs include rent and mortgage costs, as well as maintenance and utility costs.

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