A pedestrian passes by St. Charles Court in Toronto on Jan. 19, 2024. Statistics Canada says survey results over the last few years show renters are more prone to reporting a lower quality of life than homeowners, especially in Vancouver and Toronto. (Evan Mitsui/CBC)
Survey findings from Statistics Canada reveal that renters, particularly in Vancouver and Toronto, are more likely to express a diminished quality of life compared to homeowners, based on data spanning the past few years.
According to Statistics Canada's report in The Daily on Monday, renters in 2021 and 2022 were over 15 percentage points more prone to facing financial challenges and over 11 percentage points less inclined to report high overall life satisfaction than homeowners. Additionally, renters tended to experience feelings of loneliness more frequently and felt less connected to their communities.
The survey also highlighted that younger Canadians surveyed in 2023 were less likely to express "high overall life satisfaction" and "excellent or good mental health" compared to those aged 55 and above. Moreover, Canadians between 15 and 54 exhibited a decline in hope for the future compared to older demographics and were more susceptible to feelings of loneliness.
Statistics Canada noted that younger Canadians encounter greater obstacles concerning shelter costs, which contribute to their challenges.
In major cities like Toronto and Vancouver, renters faced heightened financial pressures due to record-low vacancy rates and soaring rent prices in 2023. While nationally, just over 51 percent of Canadians reported "high overall life satisfaction," the proportion dipped to approximately 48 percent for residents of Ontario and British Columbia on average.
In Vancouver and Toronto, where housing affordability is notably lower than the national average, only about 45 percent of Vancouverites and 46 percent of Torontonians reported "high life satisfaction."
Statistics Canada emphasized that residents in Toronto and Vancouver consistently reported lower life satisfaction and a weaker sense of community belonging compared to other regions in British Columbia and Ontario. Financial strain, particularly driven by escalating shelter costs, significantly influences the quality of life for residents in these cities.
In 2021, less than 19 percent of Canadians reported difficulty making ends meet, a figure that surged to nearly 27 percent by the second quarter of 2023, indicating the growing financial challenges faced by many households across the country.
