About 31% of Canadian households rent. Of those renters, 40% fall within the bottom 1/5 of income earners, up from 33% twenty years ago. (Source: Edmonton Journal)
This trend is concerning because it provides less incentive for developers to build more rentals or improve existing rentals. In addition, as rental supply declines, prices go up. Renters are therefore left with lower quality housing at higher prices.
If you’re thinking of renting, strong considering buying instead. Even if you don’t have a down payment or have blemished credit there may be a mortgage for you. Contact us or another reputable mortgage planner to find out if you qualify.
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