Canadian residents are increasingly likely to be renting their home, while those with a mortgage tend towards fixed rates over variable.

March 14, 2024

With continuous discussion surrounding the Canadian housing market, an increasing minority of residents are renting rather than owning their home, compared with two years ago.  In fact, there has been a 12-point jump in the number of Canadian residents who are currently renting their home compared with results from July 2022 (43%; up from 31%).

This shift is further reflected by the fact that just over half of Canadians (52%) currently own their home, a notable decline from July 2022 (64%). The prevalence of home ownership is generally consistent across the country.

When considering home ownership,  the number who currently own their home without a mortgage has dropped to just two-in-ten Canadians (20%; down from 31% in 2022). By comparison, the number of home owners with a mortgage (32%; down 1 point) and those who have some other living arrangement (5%; no change) are on par with figures seen in July 2022. Notably, Boomers are more likely to own their home without a mortgage, whereas half of Gen Z and Millennials rent their living accommodations.

Of those who are mortgage owners, seven in ten now indicate they have a fixed rate mortgage (71%; up 3 points from 2022), whereas one-quarter have a variable rate (23%; down 2 points). Residents living in the Prairies region are more likely to have a fixed mortgage, and less likely to have a variable mortgage relative to those living in the rest of Canada.

When asked for their own predictions for the housing market in the coming year, two-thirds of Canadians think that housing prices will increase in the next year (67%; up 13 points since July 2022), with half of that group predicting that prices will increase by a lot. Younger residents are more likely to believe that housing prices will increase in the future, compared with older Canadians.

The questions asked were:
Do you currently rent the home you live in, own the home you live in with a mortgage, own the home you live in without a mortgage, or have some other living arrangement?

[For homeowners with a mortgage] For the home you live in, do you have a fixed or variable mortgage rate?

In the next 12-months, do you think that housing prices will increase, stay about the same, or decrease?

Results are from an online survey conducted in partnership between Narrative Research and the Logit Group. The survey was conducted between February 7 and 12, 2024 with 1,231 Canadians, 18 years of age or older from the Logit Group’s online Canadian Omnibus. Data were weighted based on the 2016 Census, by gender, age, and region to reflect actual population distribution, and data tables are available upon request. 

For more information, please contact:

Margaret Chapman, COO & Partner, Narrative Research – 902.493.3834,


Sam Pisani, Managing Partner, Logit Group – 416.629.4116,

Narrative Research (, is a non-partisan, 100% Canadian-owned, research company, certified as a Women Business Enterprise (WBE). Narrative Research provides clients with state-of-the-art research and strategic consulting services. 

The Logit Group ( is a leading North American data collection and market research execution company headquartered in Toronto, conducting large-scale projects for a variety of well-known research agencies and brands. Logit employs industry-best technologies across an array of methodologies, and is independent, experienced and quality-oriented. 

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