Canadians Still Prefer Homeownership Over Renting
Canadians still prefer owning a home to renting, with only one-third of the population listed as renters, according to a new survey by RentCafé.
The report, which analyzed homeownership data in 30 countries listed on the U.N.’s Human Development Index from 2010 to 2015, placed Canada 12th in renters with 33.5%. That figure placed it far behind leader Switzerland, with 56% renters. Singapore, which had only a 9.7% renter population, ranked 30th.
While homeownership remained dominant around the world, the survey found renting was on the rise, with 21 of the 30 countries having growing renter populations. Tops was the United Kingdom, with a renter population that jumped 22% over the five-year period to 36.5%. That is an increase of 2.1 million renters.
Russia saw the biggest decrease in renters, dropping 28% to 12.9% overall.
Renter households in Canada decreased by 4% over the five years surveyed, while renting in the United States remained largely stable, hovering between 36% and 37%.
Overall, the report found 29 of the 30 countries were majority homeowners, with only Switzerland topping 50% in renters. Four other countries had a percentage of renters above 40%: Hong Kong (49% renters), Germany (48.1%), Austria (44.3%) and South Korea (44.8%).