Homeownership rates decline – purpose-built rentals can help
At a glance (2 minute read)
- Homeownership rates in Canada and BC declined from 2011 to 2021.
- A survey shows that 68 per cent of BC renters and owners worry about timely housing payments, compared to 55 per cent nationwide.
- To address the housing crisis, federal funding of $500 million for 1,100 purpose-built rental units in Vancouver aims to aid middle-income residents, accelerate homebuying, and open opportunities for lower-income renters.
From 2011 to 2021 (most recent data), the rate of homeownership in Canada dropped to 66.5 per cent from 69 per cent.
In BC, the rate of homeownership dropped to 66.8 per cent from 70 per cent.
At the same time, the number of renter households grew 21.5 per cent, while owner households grew 8.4 per cent, according to Statistics Canada.
Owners and renters in Canada, 2021
Total |
Owners |
Renters |
Dwellings provided by First Nations |
|---|---|---|---|
14,978,940 |
9,955,970 |
4,953,835 |
69,135 |
Source: Statistics Canada
Owners and renters in Canada, 2011
Total |
Owners |
Renters |
Dwellings provided by First Nations |
|---|---|---|---|
13,319,250 |
9,185,845 |
4,078,225 |
55,180 |
Source: Statistics Canada
Two-thirds of BC renters and owners worry about paying for housing
In the past couple of months, 68 per cent of renters and owners in BC who rent or have a mortgage worry about paying on time, according to a new Leger survey on the housing crisis.
In comparison, Canada-wide, 55 per cent of renters and owners worry.
The solution: purpose-built rentals
To help renters and potential homeowners, on August 16, 2023, federal housing minister Sean Fraser announced $500 million in funding for the City of Vancouver for 1,100 new purpose-built rental units.
The funds are from the federal Rental Construction Financing Initiative (RCFi) which provides low-cost loans to developers building rental housing for middle income residents.
The federal government’s goal is to help build 71,000 rental units Canada-wide using RCFi funding.
How purpose-built rentals help
Purpose-built rentals are an important component of helping potential homebuyers buy a home.
In the August 16 announcement, Minister Fraser said rents in RCFi subsidized buildings will be about 30 per cent of the median household income, although some units will be as low as 70 per cent of typical market rent.
Learn about the homeownership rate, 1971 to 2021.
Learn more about RCFi.
Learn more about owners and renters in Canada.
If you have questions about the homeownership rate, government funded purpose-built rentals, contact Harriet Permut, director of government relations at hpermut@rebgv.org