Toronto, April 30, 2024 - Following the unveiling of the 2024 Federal Budget aimed at tackling the pressing issues of housing affordability and supply in Canada, Rentals.ca, a leading platform in the Canadian rental market, conducted an extensive survey to gauge renters' sentiments regarding the budget's housing provisions.
According to David Aizikov, Senior Data Analyst at Rentals.ca, "The new federal budget, while probably the most widely viewed in Canadian history, offers a lot to Canadian renters. However, initial thoughts are quite mixed, which may be deemed difficult for the federal government. Despite the measures introduced, renters remain apprehensive about the future, perceiving the new policy initiatives as only a modest step forward amidst broader challenges."
The survey, which gathered 437 responses from renters across Canada, unearthed crucial insights into their awareness, confidence, and perceived impact of the budget's housing measures:
Awareness of Budget Housing Provisions:
· 66% of respondents indicated awareness of the 2024 federal budget, with only 54% specifically knowledgeable about its housing-related provisions.
Confidence in Budget's Housing Measures:
· A mere 10% of respondents expressed confidence in the budget's ability to positively impact the housing crisis, while 42% held pessimistic views or saw no significant effect. Nearly half, 47%, sought further information to form an informed opinion.
Perceived Impact of the Budget on Housing Affordability:
· 74% of renters rated the government's efforts in addressing housing affordability as "ineffective," with a mere 2% viewing them as effective.
The survey delved deeper into renter perspectives on the housing crisis, uncovering recurring themes such as affordability, and the influence of immigration and foreign investment. On the subject of current rental satisfaction, 92% of renters expressed difficulty in finding affordable housing. This sentiment is further reflected in their responses to the question: "On a scale of 1 to 10, how concerned are you about the current state of the housing market in Canada?" The average sentiment was a 9.
Rentals.ca will continue to create and publish results of both renter and landlord surveys to give a voice to those experiencing the ebbs and flows of the Canadian rental market. The future promises a more informed, responsive, and equitable rental market for all involved.
Rentals.ca will continue to create and publish results of both renter and landlord surveys to give a voice to those experiencing the ebbs and flows of the Canadian rental market. The future promises a more informed, responsive, and equitable rental market for all involved.
For more information about Rentals.ca or to schedule an interview, contact Giacomo Ladas at giacomo@rentals.ca. Full results of the survey can be read here.