Renters more likely to experience financial distress, loneliness: StatCan

Canada’s housing crisis affects all Canadians, but a new Statistics Canada report says renters may be facing more financial strain than homeowners. According to the report, people living in rental housing are more likely than homeowners to see a lower quality of life, more financial distress and higher levels of loneliness.

The report, based on data collected in 2021 and 2022, says renters were 15 percentage points more likely than homeowners to report difficulty meeting financial needs due to the high cost of shelter. They also reported 11 per cent less likelihood to report high overall life satisfaction, more loneliness and a lower likelihood to feel a sense of belonging in their community.

Canadians aged 55 and over are more likely to own their home than younger Canadians. Young homeowners are also less likely to have paid off their mortgage, which makes them vulnerable to interest rate increases.

Global’s Uday Rana has more.

#GlobalNews #Canada #Housing

[badmanskill]

A few decades ago, rent used to take maybe 30% of your monthly wage. Now many times its closer to 50-70% for the same place with the same job.

[bobowon]

I would never rent in the modern market. It went from a cheap short term alternative to a mortgage to just a straight up scam.

[Picklemedia]

I know someone who's mortgage went up $1400 a month since the rate hikes, and rates are still lower than normal.

[francesbernard]

Looking through people when we are out in public while feeling paranoid about what their family background and level of income lacking might be is not the best way to be coping with loneliness.

[piku]

The term landlord itself is a medieval relic.

[larryz]

The standard of living in Canada is collapsing quickly. Sunny Ways everyone.

[jonathansgilman]

I’m in “precarious” rental housing. The landlord has tried to evict me five times in three years, and I keep winning at arbitration since he basically just wants to jack up the rent. I would move, but there’s nowhere else to go. Every news article depicts landlords as victims and renters as abusers, but it’s not always so. It’s tiresome. I have great references from professional property management companies. The landlord is living (my) paycheque to (my) paycheque. I’m the only one of six people living on this property with a job, yet I’m villainized. I’m thinking of moving to the USA when my kid finishes high school.

[kentonkruger]

The group that is more likely to be single are the ones more likely to be lonely? I'm shocked. The group that could at some point afford $75, 000 for a down payment are less likely to experience financial distress? Fascinating results.

[larryz]

Like Venezuela and Greece, poor government causes runaway inflation and poverty starts running away.

[DnYD]

Many can’t handle even a little bit more financial distress. It’s reached critical mass and it kills me to think of the terrible things that are coming.

[richardchampagne]

Interest rates are up: I'm passing on the cost to my tennants.

[spawn]

My two cousins in Australia are delivery driver and security guard. One owns two houses other one owns one which is almost paid off.
How come Australia pays so well to their unskilled labor?? More to do with labor rights overtime after 8 hours, higher minimum wages, 1.5 time wage for those working weekends, 10 paid annual sick days.
Canada shouldn't be called developed country.

[christopherbuckley]

Higher Lonliness ???? You gotta be kidding me! I mean, who on earth can afford to go anywhere these days let alone socialize ... especially those who have mortgages they can't afford either...so why is it only prevalent amongst "renters" ???

[SB]

THEY HAVE MUCH TIME TO MAKE REPORTS!! But doing nothing to stop this nonsense!!! Make it make $sense🤔😖Do BETTER‼️‼️‼️

[andrewrobbins]

It's called greed. They don't have to raise the rent that much. It's called greed they want money for building that already paidful in full

[Osprey-ol]

Loneliness? Oh no. Another federal liberal program??

[MR-rf]

Poor quality journalism by global, no ground work, no research...

[jeycalc]

I can't understand this guy and his terrible accent

[strangeprotocol]

Is this Global News - Mumbai edition, TF this dude from India doing in global news ?

[justinbarone]

The provincial government needs to close the loopholes in rental agreements and make rent evictions illegal, but especially to bring in a 0% increase for the next 10 years and also freeze renting prices on anything built after 2019 to include that in the loop