Like home buyers, a study suggests that renters are also looking for an off-market alternative: Hamilton | The Canadian News

A recent survey by a Canadian survey company suggests that renting a home is just as “difficult” as buying one.

The study, from Abacus Data, found that 82 percent of renters across Canada feel that their prospects have become less affordable in the area where they live and are looking for an off-market alternative.

“What we learned is that tenants have been affected by higher rental prices and a limited supply of stable areas,” Abacus Data consultant Megan Ross told Good Morning Hamilton of CHML 900.

“These circumstances have led some to remain in an unfavorable living situation and others to move from areas where they have liked to live in order to find cheaper rent.”

A survey of about 2,200 Canadian adults in October found that a third (35 percent) fall into the category of “renters” with 44 percent living alone and 30 percent living with a partner.

About 77 percent of those who live with a roommate say they do so because they cannot afford to live alone, and nearly half (45 percent) live with their family for the same reason.

Of the renters living alone, 63 percent at the time of the survey were considering living with someone else to help make life more affordable.

The last Bullpen Research The listings shows that Hamilton’s rental prices continued to rise between September and October, with a single home registering at $ 1,552 and a two-bedroom at $ 1,822 per month.

The largest increase was recorded in individual units, which were up 5.8% month-over-month and 4.8% year-over-year.

A january CHMC Rental Market Report revealed that the average rental increase for Hamilton units in 2019 and 2020 was about 5.4 percent, while the provincial average was 2.2 percent.

The city’s vacancy rate was 3.5 percent in 2020, slightly down from 3.9 percent in 2019.

The supply of units that rent for less than $ 1,000 declined in 2020 as strong rental growth pushed some apartments into higher rental categories.

Lack of supply was also a complaint in the Abacas study, as six out of 10 feel there are not enough rentals available where they want to live. About 32 percent say they made the decision to leave the community they “enjoy” to find a place that can pay to rent.

The pattern is similar to that seen by a recent Ontario Real Estate Association (OREA) survey that showed that nearly half of Ontario residents under the age of 45 were looking to move out of the province in order to afford a home.

“The phenomenon that existed before COVID was ‘drive until you qualify,’ OREA President Tim Hudak told Global News in July.

“So people, you know, would live outside of Hamilton, Toronto or the major centers and get a tolerable travel distance to be able to own a property.”

The latest monthly report from the Realtors Association of Hamilton-Burlington (RAHB) for October revealed that the median price of a residential property in Hamilton increased 30 percent year-over-year to just over $ 864,000.

RAHB President Donna Bacher told Global News that inventory shortages and the fact that buyers make up 50 percent of the market are factors contributing to such a steep increase.

But with a “bleak” rental market, Ross says a significant number are considering home ownership.

“There is still hope for the transition from renting to owning,” Ross said.

“Many renters are still interested in owning a home one day and would be open to government support to help make this happen.”

About half of those surveyed (45 percent) want to own a home one day, while the other half are divided between those who believe that home ownership is not that important and those who are happy to rent the house. rest of his life.

“They are nervous,” Ross said.

“We found that three out of four who really want to own a home are worried one day. If they continue in the rental market for much longer, house prices will continue to rise and owning a home will be even more out of reach. “