A huge number of Vancouver residents rent; however, an unlikely BC city is seeing a big jump in its share of renters compared to people living in homes they own.
Richmond is that unlikely city, which has seen its share of renters jump from 17.6% to 28.7% over just the last five years.
Point2Homes examined households occupied by renters in Metro Vancouver cities and shared some surprising findings, including how the dynamic of renting is changing across generations. The real estate news publication compiled its report using Census data from 2016 to 2021 from Statistics Canada and prices from CREA and real estate boards.
“From Gen Z to baby boomers, renting has become widespread across all age groups,” Point2Homes says.
According to its report, more than 33% of the population aged 65+ is now renting in Vancouver.
Regarding the number of rental households in BC, Vancouver leads the way, with 165,455, representing a 54.5% share of renters. Burnaby is next with 39,640, followed by Kelowna with 21,805.
Point2Homes analysis of Census data revealed that renters make up 33.4% of households in Canada, and across the country, Richmond saw the most significant jump in its share of renters.
Point2Homes
“As expected, the largest share is represented by young Millennials still working out their balance up the property ladder by their mid-30s. The kicker is that senior renters over 65 are right at their heels.”
More young people are also choosing to rent in Richmond, which saw a spike in Gen Z renters.
“For many in Vancouver, renting might be the only option in light of untouchable home prices,” Point2Homes states.
Unsurprisingly, Point2Homes blames the jump in renters across cities on the fact that 18 out of 50 major Canadian cities have benchmark home prices at over $1 million.
“A boost in rentership is bound to happen.”