In the great Canadian housing debate, renting and owning are often painted as opposites. But the truth is, most Canadians will do both at some point in their lives. Whether you’re a first-time renter, a seasoned homeowner, or someone downsizing for retirement, your satisfaction depends on more than just a roof over your head.
Here’s what the 2021 Census and Canadian Housing Survey reveal about the renting vs. owning experience:
Homeownership: The Dream with Benefits
Owning a home has long been considered a milestone of stability, and for good reason:
• Space and Comfort: Homeowners are much more likely to live in single- detached homes with fewer issues like pests or mould. In 2021, 75% of mortgage-free homeowners lived in detached homes compared to just 14% of renters.
• Financial Stability: Homeowners often enjoy greater financial freedom, with fewer reporting struggles to make ends meet. This is especially true for retirees, many of whom own their homes outright.
However, it’s not all sunshine and freshly mowed lawns. Owning a home can come with its share of stress—think mortgage payments, property taxes, and maintenance costs.
Renting: Convenience is Key
For renters, the perks aren’t about square footage—it’s about location and flexibility:
• Proximity to Amenities: Renters are winning when it comes to convenience. About 90% of renters live within 1.5 km of healthcare or childcare facilities, and 66% are within walking distance of a grocery store.
• Flexibility: Renting allows for easy relocation, making it ideal for younger people and those in transitional phases of life.
That said, renters are more likely to face challenges like noisy neighbourhoods, higher shelter costs, and household issues (hello, mice).
What Really Drives Satisfaction?
While homeowners tend to report higher overall satisfaction, the gap isn’t as wide as you might think. When renters and owners live in similar neighbourhoods and homes, their satisfaction levels are nearly identical.
The real drivers of happiness often boil down to:
• Financial Security: Money matters and renters are more likely to fall into lower-income brackets. In 2021, 31% of renters spent 30% or more of their income on housing costs, compared to just 8% of mortgage-free homeowners.
• Neighborhood Quality: Renters are more likely to live in areas with issues like noise and litter, while homeowners often reside in higher-income neighborhoods.
So, What’s the Right Choice?
Renting and owning both come with unique advantages—and drawbacks. The key is figuring out what works for your current stage of life.
• Looking for stability, space, and long-term investment? Homeownership might be your goal.
• Craving flexibility and a walkable lifestyle? Renting could be the perfect fit.
In the end, housing satisfaction isn’t just about the “rent vs. own” debate. It’s about finding a home that matches your lifestyle, finances, and personal priorities.
Still deciding what’s best for you? Let’s chat! As a Realtor, I can help you navigate your options and find the perfect fit for your needs.
Ready to make your next move? Contact me today!
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