The trend of solo renting is on the rise in Canada’s housing market, driven primarily by seniors aged 65 and older, according to a study by Point2Homes.
In 2021, there were 4.4 million Canadians living alone, with over 2.6 million in Ontario and Quebec. The number of one-person households has doubled since 1991, with solo renters now making up over 50 per cent of this group, surpassing solo homeowners.
This shift is a reflection of broader societal changes, including rising housing costs that have made homeownership unattainable for many, especially in major urban centers like Toronto, Vancouver, and Montreal.
Renting has become a more accessible option, allowing individuals to maintain independence without the long-term financial commitments of owning a property. Changing societal priorities, such as a focus on personal freedom, delayed family formation, and a preference for hassle-free living, have also contributed to this trend.
A third of Canada’s solo renters are seniors
Seniors are increasingly drawn to downsizing, flexibility, reduced responsibilities, and the adaptability of renting as they navigate life changes like widowhood or divorce. One-third of Canada’s solo renters are now seniors, with their share growing faster than any other age group between 2016 and 2021.
In cities like Halton Hills and Caledon in Ontario, over half of solo renters are seniors, reflecting a broader demographic shift.
More younger renters in urban hubs
Younger solo renters are increasingly choosing urban hubs like Toronto and Montreal for education, career opportunities, and cultural attractions.
Despite their numbers, younger generations are facing challenges in affording solo living due to high housing costs and postponed life milestones influencing their decisions.
Single-family home rentals gaining popularity
The housing preferences of solo renters are evolving, with more opting for single-family homes and two-bedroom units for flexibility and additional space to meet various lifestyle needs.
Single house renters now account for over 25 per cent of renters in 16 Canadian cities.
As the number of senior solo renters increases, there is a growing emphasis on creating housing that prioritizes accessibility, comfort, and community integration. By addressing social isolation, financial challenges, and the need for adaptable spaces, Canada’s housing market can better serve its aging population and redefine independent living for future generations.
Review the full report here.
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