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Twice as many households own home compared to rent in Waterloo region: report

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The number of households that own their dwelling compared to those who rent is nearly double in Waterloo region, according to a new report.

New housing data released by Statistics Canada Wednesday shows of the 219,060 households in Waterloo region, 141,585 were owner households, while 77,470 were renter households.

The report says in Waterloo region renter household growth from 2011 to 2021 was 40 per cent. That's nearly double the growth in renter households in Canada, which was 21.5 per cent.

This places the region as the fourth highest renter growth region in Canada.

“The 2021 Canadian Housing Survey reported that the growth of renter households outpaced the growth of owner households, pushing down the homeownership rate in Canada,” the report said.

Broken down by the age of the person representing the household, those aged 55 to 59 represent the largest group of household owners with 16,255 owner-held households.

The lowest were those aged 15 to 19. According to the report, this age group had 80 individuals listed as owners in Waterloo region.

The highest number of rental households was by those aged 25 to 29 years old with 10,850 dwellings listed as rental homes.

The lowest was those aged 15 to 19 years old with 525 rental households.

The report says the growth of renter households is more than double the growth of owner households.

Younger millennials aged 25 to 29 saw the largest decline in homeownership rates as the rate fell to 36.5 per cent in 2021 from 44.1 per cent in 2011.

Recently built dwellings are increasingly likely to be occupied by renters with 40.4 per cent of the housing built from 2017 to 2021 being tenant-occupied.

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