Prime Minister Justin Trudeau and his Housing Minister Sean Fraser took their travelling housing show on the road across Canada this spring, promising, with Budget 2024, to throw billions of taxpayers’ dollars at a housing crisis they created. Trudeau’s Liberal government has targetted immigration to Canada at about 500,000 per year, which does not include temporary workers or those on student visas, which takes the number above the one million mark, creating a severe housing crisis, reducing homeownership rates and pushing people into renting. According to Statistics Canada, the national homeownership rate dropped from 69% in 2011 to 66.5% in 2021, with rates varying by location. In concert with a drop in ownership rates, rental rates and rental pricing are increasing With the release of Budget 2024, Rentals.ca conducted a survey to learn about renters’ perspectives about the new budget. “Our survey received 437 responses from renters and landlords across Canada,” Rental.ca said in a press release. The survey found 66% of respondents were aware of the release of the budget, but only 54% said they had any awareness of the specific housing-related provisions outlined in the budget. Respondents had very little confidence the housing measures outlined in the budget would make housing more affordable, with only 10% saying it would positively impact the housing crisis. On the other side, 42% were of the belief it would have a negative impact or no significant effect at all, while the largest group of respondents, 47%, indicated they needed more details before expressing an opinion. Almost three-quarters (74%) of respondents rated the government as “ineffective” in addressing housing affordability, with only 2% of respondents viewing their efforts as effective. “Rentals.ca also gathered qualitative insights through an open-ended question inviting respondents to share their views on specific measures the government should prioritize to tackle the housing crisis,” reads its press release. It found there were recurring themes, with affordability identified as the top concern, with many respondents saying there is an urgent need for rent control measures and with advocating for governments to intervene in stabilizing rental prices. Also mentioned were immigration numbers and foreign investment as being factors impacting the availability of rental housing. A very large number of renters, 92%, said they had difficulty finding affordable homes. When asked “On a scale of 1 to 10 (with 10 being the most concerned), how concerned are you about the current state of the housing market in Canada?” The average response was 9. Even with the mixed reaction to the budget’s effectiveness, 67% of respondents said they were unlikely to purchase a property in the near future, “demonstrating a strong reluctance among renters to transition to homeownership,” said Rentals.ca, with 14% saying they were “somewhat likely,” with only 8% indicating a high likelihood of purchasing a home shortly. “The responses from Rentals.ca’s survey paint a vivid picture of the Canadian rental landscape in response to the new federal budget," reads its press release. “While there is a clear recognition of the government’s efforts, the prevailing skepticism and concern among renters highlight the challenges ahead.” “Understanding these insights will be crucial for policymakers and industry stakeholders to foster a more responsive and inclusive housing environment.”
Prime Minister Justin Trudeau and his Housing Minister Sean Fraser took their travelling housing show on the road across Canada this spring, promising, with Budget 2024, to throw billions of taxpayers’ dollars at a housing crisis they created. Trudeau’s Liberal government has targetted immigration to Canada at about 500,000 per year, which does not include temporary workers or those on student visas, which takes the number above the one million mark, creating a severe housing crisis, reducing homeownership rates and pushing people into renting. According to Statistics Canada, the national homeownership rate dropped from 69% in 2011 to 66.5% in 2021, with rates varying by location. In concert with a drop in ownership rates, rental rates and rental pricing are increasing With the release of Budget 2024, Rentals.ca conducted a survey to learn about renters’ perspectives about the new budget. “Our survey received 437 responses from renters and landlords across Canada,” Rental.ca said in a press release. The survey found 66% of respondents were aware of the release of the budget, but only 54% said they had any awareness of the specific housing-related provisions outlined in the budget. Respondents had very little confidence the housing measures outlined in the budget would make housing more affordable, with only 10% saying it would positively impact the housing crisis. On the other side, 42% were of the belief it would have a negative impact or no significant effect at all, while the largest group of respondents, 47%, indicated they needed more details before expressing an opinion. Almost three-quarters (74%) of respondents rated the government as “ineffective” in addressing housing affordability, with only 2% of respondents viewing their efforts as effective. “Rentals.ca also gathered qualitative insights through an open-ended question inviting respondents to share their views on specific measures the government should prioritize to tackle the housing crisis,” reads its press release. It found there were recurring themes, with affordability identified as the top concern, with many respondents saying there is an urgent need for rent control measures and with advocating for governments to intervene in stabilizing rental prices. Also mentioned were immigration numbers and foreign investment as being factors impacting the availability of rental housing. A very large number of renters, 92%, said they had difficulty finding affordable homes. When asked “On a scale of 1 to 10 (with 10 being the most concerned), how concerned are you about the current state of the housing market in Canada?” The average response was 9. Even with the mixed reaction to the budget’s effectiveness, 67% of respondents said they were unlikely to purchase a property in the near future, “demonstrating a strong reluctance among renters to transition to homeownership,” said Rentals.ca, with 14% saying they were “somewhat likely,” with only 8% indicating a high likelihood of purchasing a home shortly. “The responses from Rentals.ca’s survey paint a vivid picture of the Canadian rental landscape in response to the new federal budget," reads its press release. “While there is a clear recognition of the government’s efforts, the prevailing skepticism and concern among renters highlight the challenges ahead.” “Understanding these insights will be crucial for policymakers and industry stakeholders to foster a more responsive and inclusive housing environment.”
