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

The number of households who rent their homes has grown twice as fast as the number of those who own, census data has revealed.

Statistics Canada revealed Wednesday that the number of households who rent their homes grew by more than 21 per cent between 2011 and 2021. By contrast, the number of households that own their homes grew by just eight per cent over the same period.

Although the gap is narrowing, owners still outnumber those who rent by a significant margin. More than 10

million households owned their home last year — about twice as many as the five million who rent.

All in all, Canadians were less likely to own their own home than they were in 2011.

The shift away from home ownership is especially pronounced among the generation that is typically most likely to want to buy: young adults.

In 2011, about 44 per cent of those in the age 25-29 cohort owned their home. By 2021, that percentage had fallen to 36.5 per cent.

The drop-off for those in the next age group was almost as pronounced: from 59.2 per cent for those between the ages of 30 and 34, to 52.3 per cent.

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