There have never been so many renters in Canada, RBC report says

TORONTO –

Royal Bank of Canada economists say the nation has reached a file variety of renters because the variety of folks renting has elevated at 3 times the speed of house owners up to now decade.

Assistant chief economist Robert Hogue and economist Rachel Battaglia say in a report that two-thirds of Canadian households owned their residence in 2021, however the variety of Canadian renters is rising even quicker.

Census knowledge they analyzed exhibits nearly 5 million households rented the house they lived in final yr, up from 4.1 million a decade earlier.

The economists say these millennials born between 1981 and 1996 are fuelling a number of the renting progress as a result of their possession charges are lagging these of earlier generations on the similar age and they’re dealing with even greater residence costs than their predecessors.

Baby boomers born between 1946 and 1964 are taking part in a task too, surpassing millennials because the quickest rising group of renters over the past decade.

The economists predict this rising demand will place “tremendous” stress on the nation’s rental housing inventory and require concerted efforts from policymakers, builders and builders to satisfy these wants.

This report by The Canadian Press was first revealed Dec. 7, 2022.