- March 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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Increasing Financial Strain on Canadian Renters
An RBC economist warns that Canadian renters are facing a growing financial burden when it comes to housing costs, in comparison to homeowners. This disparity is making it increasingly difficult for renters to build wealth, potentially exacerbating inequality between renters and homeowners.
A new analysis from economist Carrie Freestone highlights the significant role that homeownership has played in wealth accumulation in Canada over the past three decades. Homeowners have seen a notable increase in their net worth, while renters have experienced marginal growth in comparison.
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The Growing Disparity in Wealth Accumulation
According to Freestone, homeowners have seen their net worth grow substantially over the years, while renters have struggled to make significant financial gains. This widening gap in wealth accumulation raises concerns about the ability of renters to enter the housing market in the future.
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Rising Housing Costs for Renters
The analysis reveals that renters are dedicating a larger portion of their income towards housing costs compared to homeowners. This trend has intensified over the years, with renters now allocating a significant percentage of their earnings towards housing expenses.
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This report by The Canadian Press was first published March 14, 2024.
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