Survey finds many renters delaying plans to buy a home
Canada Life, an insurance, wealth management and benefits provider, recently conducted a survey that found market conditions are having a big impact on people's homeownership plans.
Many people who are currently renting said they don't know when they will be able to get into the housing market.
The survey found that almost half of the respondents who rent will either continue renting indefinitely or aren't sure when they will buy.
Ray Goulet, president of the Greater Sudbury Landlord's Association, said renters are staying put, in part, because rents are being kept below the rate of inflation.
"Landlords have been tied to a 1.2 per cent rent increase annually that's not enough to cover all the expenses, property tax all the utilities," Goulet said.
"So with that, renters are staying where they are for the low rents."
Goulet described the apartment rental market in Sudbury as slim. He said there is a scarcity of apartments -- and rents are high for the ones that are available.
"Landlords will receive I have heard upwards of 50-60 applicants for a one- or two-bedroom apartment," he said.
"So the landlords will screen this and likely whittle it down to about 20 applicants."
The Sudbury Workers Education and Advocacy Centre said many people are making choices they never had to make before to deal with soaring inflation.
"We hear from workers that they are making the choice between … groceries, having to pay for gas, having to pay for little things," said TT Scott, communications officer with the Sudbury Workers Education and Advocacy Centre.
"They have to make these new changes in their lives."
Another key highlight of the study found Canadians aged 25-29 are two times more likely never to purchase a home or continue renting indefinitely, compared to those aged 30-49.
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