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HomeWorldTwice as many households own their own homes compared to rent in...

Twice as many households own their own homes compared to rent in the Waterloo area: reportNews WAALI

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According to a new report, the number of households that own their homes is almost twice as many as those that rent them in the Waterloo area.

New housing data released by Statistics Canada on Wednesday shows of the 219,060 households in the Waterloo area, 141,585 were owner households while 77,470 were renter households.

According to the report, rental household growth in the Waterloo area was 40 percent from 2011 to 2021. That’s almost twice the growth in rented households in Canada, which was 21.5 percent.

This makes the region the fourth-highest tenant growth region in Canada.

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“The 2021 Canadian Housing Survey reported that growth in renter households exceeded growth in owner-occupied households and pushed down homeownership rates in Canada,” the report said.

Broken down according to the age of the householder, the 55 to 59 year olds, with 16,255 owner households, make up the largest group of household owners.

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The lowest were the 15 to 19 year olds. According to the report, 80 people in this age group were listed as owners in the Waterloo area.

The highest number of rented households was among 25 to 29 year olds with 10,850 apartments listed as rented accommodation.

The lowest were the 15- to 19-year-olds with 525 rented households.

According to the report, renter household growth is more than twice as fast as owner household growth.

Younger millennials, ages 25 to 29, experienced the largest decline in the homeownership rate, as the rate fell from 44.1 percent in 2011 to 36.5 percent in 2021.

Recently built homes are increasingly being occupied by tenants, with 40.4 percent of homes built from 2017 to 2021 being occupied by tenants.

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