Four BC cities among Canadian spots with highest share of solo renters
If you live alone as a renter in BC, you’re less lonely than you think, as you’re part of a group of renters that’s on the rise not only in this province, but also in Canada at large.
In a new report, Point2Homes has revealed that “renters have outnumbered homeowners in one-person households across Canada.”
Point2Homes says the reality reflects the “impact of rising home prices and shifting lifestyles.”
“In British Columbia, four of the largest cities show significant shares of solo renters — over 50%.”
- You might also like:
- Unlikely BC city emerges as the cheapest to rent per sq ft: liv.rent
- "Most affordable" BC city is becoming an unlikely rental hotspot
- City of Surrey needs 169,000 new homes over the next 20 years
Quebec cities have the highest shares of solo renters as a province. Shares of solo renters are particularly high in two specific BC cities, Victoria and Vancouver.
“Lone renters account for more than half of the one-person households in major cities like Toronto, Vancouver.”
While the total number isn’t as high in Victoria, the share of people in one-renter households in the Vancouver Island city is among the highest in Canada.
New Westminster and North Vancouver also cracked the list further down (pages 3 and 4).
Point2Homes says Montreal's high share of solo renters reflects the lifestyles of many professionals, artists, and students who like the flexibility and independence solo renting offers.
"Typically, tenants on their own opt for apartments, but the number of solo renters in single-family homes is edging up. Between 2016 and 2021, the number of solo house renters increased by nearly 55,000, hitting 334,660. Notably, in 16 cities, solo house renters even exceed 25%, signalling a growing preference for more spacious living options," says Point2Homes.
Solo renters 65 and older comprise "as much as three other younger age groups combined." Some realities that have contributed to that are divorce and widowhood.
Seeing the breakdown of the age groups of solo renters across Canada may surprise you.
Due to factors like rising home prices, home ownership is next to impossible for many residents in cities like Vancouver, where solo renting is outpacing owning a home.
"Homeownership has become an increasingly steep financial hurdle, making renting a more accessible alternative for those looking for a place of their own."
Point2Homes looks at 2021 as a turning point.
"Not only did 2021 mark a nationwide shift toward a solo renter majority, but also a time when more than half of those renting alone spent less than 30% of their income on housing, making it a comfortable option for many. In fact, in 40 of the country’s largest cities, lone renters represent more than half of the one-person households, outnumbering solo homeowners."
Are you among the many solo renters in BC cities like Vancouver or Victoria? Let us know in the comments.