With the release of the 2024 Federal Budget, the Liberal government aims to address the Canadian housing crisis by bolstering supply and restoring affordability. This announcement prompted Rentals.ca to conduct a pivotal survey to capture renters’ perspectives across Canada regarding the new federal budget. Our survey received 437 responses from renters across Canada, here are the detailed insights based on their responses:
Awareness of Budget Housing Provisions:
A considerable 66% of respondents stated they were aware of the recently released 2024 federal budget. However, only 54% reported awareness of the specific housing-related provisions outlined in the budget.
Confidence in Budget’s Housing Measures:
When asked about their confidence in the federal budget’s measures to make housing more affordable, only 10% of respondents felt that it would positively impact the housing crisis. Conversely, 42% believed it would have a negative impact or no significant effect at all. The largest group of respondents, representing 47%, expressed a need for more information to form an informed opinion.
Perceived Impact of the Budget on Housing Affordability:
The survey revealed that 74% of renters rated the government as “ineffective” in addressing housing affordability, with only 2% of respondents viewing their efforts as effective.
Insights into Canadian Renter Perspectives on the Housing Crisis
In addition to the quantitative data collected, Rentals.ca also gathered qualitative insights through an open-ended question inviting respondents to share their views on specific measures the government should prioritize to tackle the housing crisis. Analysis of the 253 write-in responses revealed recurring themes, with affordability emerging as the most pressing concern. Many respondents emphasized the urgent need for more rent control measures, advocating for government intervention to stabilize rental prices. Immigration and foreign investment were also cited as significant factors impacting the availability of rental housing.
A word cloud was generated from over 250 write-in responses to the question “What specific measures should the government prioritize to address the housing crisis?”
Satisfaction with Current Rentals:
On the subject of current rental satisfaction, 92% of renters expressed difficulty in finding affordable housing. This sentiment is further reflected in their responses to the question: “On a scale of 1 to 10, how concerned are you about the current state of the housing market in Canada?” The average sentiment was a 9.
Interest in Homeownership:
Despite mixed feelings about policy effectiveness, 67% of respondents indicated they were unlikely to purchase a property in the near future, demonstrating a strong reluctance among renters to transition to homeownership. 14% stated they were somewhat likely, with only 8% indicating a high likelihood of purchasing a home shortly.
Conclusion:
The responses from Rentals.ca’s survey paint a vivid picture of the Canadian rental landscape in response to the new federal budget. While there is a clear recognition of the government’s efforts, the prevailing skepticism and concern among renters highlight the challenges ahead. Understanding these insights will be crucial for policymakers and industry stakeholders to foster a more responsive and inclusive housing environment.
Rentals.ca remains dedicated to providing a platform for renters to voice their experiences and opinions, ensuring that every change in the rental market is documented and understood. This ongoing dialogue is essential for shaping a rental market that truly meets the needs of Canadian residents.
Rentals.ca is Canada’s premier online marketplace for renters and landlords, providing a comprehensive suite of tools and resources tailored to simplify the rental process. With an extensive selection of listings across the country, Rentals.ca offers user-friendly search functionality that helps renters find their perfect home efficiently. For landlords, Rentals.ca delivers effective advertising solutions to maximize visibility and fill vacancies faster. Committed to innovation and excellence, Rentals.ca aims to empower users with up-to-date market insights and expert guidance, making renting easier and more accessible for everyone.
