Canadian families spend a larger percentage of their income on housing, and 27% of them face significant difficulties in meeting their financial needs, which affects their quality of life, according to a study conducted by Statistics Canada and published today.

Canadians spent 31.4% of their budget on housing in 2023, compared to 29.3% in 2019.

According to data from Statistics Canada, renters allocate a larger share of their income to cover housing expenses compared to owners, and the financial pressure on them increases when prices rise.

In recent years, Canadians have had to deal with the lowest rental vacancy rates Canada has seen.

The residential rental rate in Canada reached $2,178 last December, according to the Rentals.ca website for available rental housing, an increase of 8% in 2023.

In the cities of Toronto and Vancouver, where affordable housing is very rare, about 13% of families spend more than half of their budget on housing. In these two cities, nearly one-third of families live in housing that is difficult for them to afford.

The housing crisis in Canada does not seem likely to fade soon, as the slowdown continues in housing starts across the country. Housing starts declined by 7% across Canada in 2023, mainly due to a significant decrease in Quebec.

However, data for this province recorded an increase in December 2023 and January 2024, according to the Canadian Mortgage and Housing Corporation (CMHC - SCHL), a federal institution.

The "intense" pressure faced by renters negatively affects their quality of life, according to the Canadian Social Survey conducted by Statistics Canada in 2021 and 2022.

41.5% of renters said they were highly satisfied with life, compared to 53.1% of homeowners.

Renter families also have a weaker sense of belonging to their local community, are more likely to feel lonely, and are less optimistic about the future.

Regarding these indicators, the results are worse for Canadians aged 15 to 54 compared to those aged 55 and over. The survey showed that "younger Canadians tend to face greater difficulties than those in older age groups when it comes to housing costs."