With elevated mortgage costs and shifting lifestyle preferences, Canadians are increasingly viewing renting as a long-term option, rather than a pitstop on the way to homeownership. 

A new study by Point2Homes reveals a sweeping transformation in how Canadians define renting, as more people turn to single-family rentals, rather than apartments, for space and stability.

Renting no longer temporary

Between 2016 and 2021, the latest Census period, Canada added nearly 500,000 new renter households, driving the national renter share past 33 per cent, the highest in the country’s history. The trend points to a structural shift: homes once built for owners are now forming the foundation of Canada’s rental stock.

Single-family rental households grew by 14.7 per cent, outpacing the 9.4 per cent growth seen in traditional, multi-unit apartment rentals, a clear signal that many Canadians are seeking out homes with more space and amenities. 

According to Statistics Canada, more than 40 per cent of the homes built between 2016 and 2021 were occupied by renters at the time of the last Census, the highest tenant rate since the 1960s.

This is especially evident in Montréal, where renters occupy 55 per cent of homes built in that five-year span.

City-dwellers want space too

The popularity of single-family rentals isn’t limited to the suburbs. Canada’s largest cities are leading the charge toward house rentals, according to the report.

Ottawa, Calgary, and Toronto each added more than 8,800 single-family rental households between 2016 and 2021, as residents looked for the comfort and privacy of a detached home without the unattainable price tag of ownership.

Ontario at the epicenter

The house-renting boom is most intense in Ontario, home to eight of the ten fastest-growing cities for single-family rental households. 

Markham tops the list, posting a nearly 70 per cent increase in single-family rentals, followed closely by Richmond Hill, Oakville, and Newmarket.

Solo renters driving demand

Single Canadians are a driving force behind the evolution. One-person single-family rental households have surged by 19.6 per cent, nearly double the growth seen in solo apartment renters. 

This suggests that individuals are increasingly prioritizing space and privacy, even when living alone.

Redefining “home” in Canada

As ownership becomes less attainable for millions, renting is becoming the preferred path for those seeking stability and comfort, according to the report. In this changing landscape, single-family rentals aren’t just filling a housing gap, they’re perhaps shaping the future of how Canadians live.

REM Editorial Team