Renting? You probably report lower quality of life than homeowners

Renters are more likely to report a lower quality of life than homeowners, especially in Vancouver and Toronto, according to survey results over the last few years from Statistics Canada.

In 2021 and 2022, renters were over 15 percentage points more likely to report difficulty meeting financial needs and over 11 percentage points less likely to report high overall life satisfaction compared to homeowners, noted Statistics Canada in The Daily on Monday.

Those who rent were also more likely to report feelings of loneliness, and less likely to report a strong sense of belonging to their community.

The report also says younger Canadians surveyed in 2023 were less likely to report "high overall life satisfaction" and "excellent or good mental health" compared with older Canadians 55 and up. Canadians between 15 and 54 also have seen their hope for the future in decline compared with those 55 and up, "and they were more likely to feel lonely than older Canadians."

"Younger Canadians tend to face greater challenges than older age groups when it comes to shelter costs," Statistics Canada said.

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Challenges in Vancouver, Toronto

Renters across the country faced record-low vacancy rates and record-high rent increases in 2023, but the agency says Toronto and Vancouver residents who don't own their homes face the greatest financial pressures.

Nationally, just over 51 per cent of Canadians said they had "high overall life satisfaction," compared with about 48 per cent of Ontario and B.C. residents on average.

About 45 per cent of Vancouverites and 46 per cent of Torontonians reported "high life satisfaction," with housing in the two cities "significantly less affordable than the national average."

Statistics Canada says those living in Toronto and Vancouver in 2021 through 2023 reported lower life satisfaction than others in B.C. and Ontario, and also had a lower sense of "belonging to their community."

The agency said financial strain is "a factor that may be associated with quality of life," as shelter costs dominate household budgets.

In 2021, the agency said, less than 19 per cent of Canadians reported difficulty making ends meet, jumping to nearly 27 per cent in the second quarter of 2023.