Opinion: As affordability and availability erode the opportunity to benefit from owning a home, the time has come to consider new and inclusive ways to help make that happen.
This is thrown into stark relief by census data just released by Statistics Canada that reveals in 2021, the number of Canadians who owned the home in which they lived declined, while the number of renters increased significantly.
But for those who focus on the broader social context of this trend, further exclusion foreshadows a complex long-term threat to healthy, sustainable communities. For families, ownership allows greater security and control over housing costs. As the available supply of rental properties is squeezed, Statistics Canada noted that the cost of renting has soared by 17.6 per cent over the past five years. That’s almost twice the 9.7 per cent cost increase experienced by homeowners.
Third, mindful of privilege and several other variable factors, there is a body of work — including research from Habitat for Humanity — linking the welfare of children growing up in the relatively stable environment of owner-occupied homes with regular school attendance, higher secondary school graduation rates, and higher cognitive test scores.