Statistics Canada revealed Wednesday that the number of households renting their homes increased by more than 21 per cent between 2011 and 2021. In contrast, the number of households owning their homes grew by just eight per cent over the same period. Although the gap is closing, owners still outnumber renters by a significant margin. More than 10 million households owned their home last year — roughly double the five million who rent. Overall, Canadians were less likely to own a home than they were in 2011. The shift away from home ownership is particularly pronounced among the generation typically most likely to want to buy: young adults. In 2011, about 44 percent of 25-29 year olds owned their home. By 2021, that figure had fallen to 36.5%. The drop for people in the next age group was almost the same: from 59.2 percent for those between 30 and 34, to 52.3 percent. Overall, there was a clear demographic divide between those who own and those who rent. Baby boomers — which the data service defines as anyone aged 56 to 75 in 2021 — made up 41.3 per cent of all homeowners in Canada. Meanwhile, millennials — between the ages of 25 and 40 in 2021 — made up 32.6 percent of all renters. While both owning and renting have costs, those who own their home have been fortunate enough to offset those costs through a significant increase in their home values. This does not apply to anyone renting. Worse for renters, the average cost of keeping a roof over their heads has risen more than what those who own have experienced. The average cost of housing among renters has risen 17.6 percent over the past five years, from $910 a month on average in 2016 to $1,070 in 2021. That’s about double the 9.7 percent increase borne by homeowners, whose average monthly costs rose from $1,130 in 2016 to $1,240 last year.
