Whereas renting alone is usually related to younger Millennials, it’s Boomers aged 65+ who’ve seen the largest development and now make up one-third of the market, in keeping with analysis from Point2Homes.com.
In Halton Hills, greater than half of solo renters are seniors (50.2 per cent) and in cities like Caledon (49.7 per cent), Burlington (47.8 per cent) and Whitby (47.1 per cent) their share hovers close to 50 per cent.
Historically, renting alone has been related to adults beginning their careers, pursuing training, or just having fun with the flexibleness of not being tied down by property possession.
However shifting life circumstances — corresponding to divorce or widowhood — have additionally made renting alone more and more interesting for older demographics and have contributed to the rising presence of solo seniors within the rental market.
Though millennials would possibly outnumber child boomers within the basic inhabitants, they don’t when it comes to solo renters. In reality, greater than 710,500 of the Canadians renting alone are no less than 65 years previous and solo renters of their mid-60s and past grew by almost three per cent between the 2016 and 2021 Censuses — greater than some other age group.
This pattern is especially hanging in slower-paced locations like Halton Hills and Caledon, the place about half of the person renters have already celebrated their sixty fifth birthdays. Conversely, younger solo renters are just about absent right here.
Halton Hills can be the one Canadian metropolis the place greater than half of all solo renters are 65-plus and the altering demographics is obvious in 20 Canadian cities the place no less than 40 per cent of these renting alone are no less than 65.
Caledon and Burlington have the following highest proportion of solo seniors renting, with Whitby fifth within the rankings with its 1,485 seniors renting alone making up 47.1 per cent of the full solo renting inhabitants.
Oakville (44.5 per cent) and Ajax (44 per cent) are seventh and ninth, respectively, within the rankings.
INdurham’s Editorial Requirements and Insurance policies
