Renter households grew 35% between 2011 and 2025, far faster than households overall. What that means for the next decade of housing.
Tim BlairFounding Partner
A structural shift
For most of the last fifty years, renting was something Canadians did on the way to owning. That pattern is breaking. Since 2011, renter households have grown at more than twice the pace of households overall.
The shift is broad. It shows up in Toronto and Vancouver, but also in Ottawa, Calgary and the mid-sized cities around them.
“Renting is no longer a stop on the way to ownership. For millions of Canadians, it is home.”
Why it is happening
Home prices have risen much faster than incomes. A typical household now needs far more income to carry a mortgage than it did a decade ago, and the down payment takes years longer to save.
Population growth adds to the pressure. New Canadians, students and young workers rent first, and many keep renting.
What it means for investors
Demand for rental housing is deep and durable. Supply has not kept pace, which keeps vacancy low and supports rents over time.
We think the opportunity is in well-built, energy-efficient buildings that people want to live in for years, not months.
Household growth, 2011–2025
Renter households35%
Owner households10%
Source: Statistics Canada. Illustrative, data to be confirmed.
