One-third of Canada's single renters are seniors

In Canada, a significant number of single renters are seniors. Recent reports show that seniors aged 65 and older make up 32.5% of solo rental households. This challenges the common image of young professionals being the main renters. Angela Sealy, 77, has rented her entire life. She moved to Canada in 1967 and chose renting over buying a home. Sealy views home ownership as a financial burden, especially with high costs in the current real estate market. Many seniors are in similar situations due to divorce, the death of a spouse, or personal choice. Although rental prices have slightly decreased recently, they remain high compared to pre-pandemic levels. In February, the average rent for a one-bedroom apartment was about $1,876. Renters, especially those living alone, often spend more than 30% of their income on housing, raising concerns about financial security. A recent survey found that older renters feel less financially secure as they prepare for retirement. Many face material deprivation, meaning they struggle to afford basic needs. The report emphasizes the need for supportive policies, such as rent banks and tenant protections. Some financial planners suggest older renters seek long-term agreements or specialized senior housing. These units may offer better accessibility and community activities. However, some of these rents can come with hidden costs, like mandatory meal plans. Joy Edwards, 70, lives in a Toronto apartment where her rent consumes a large part of her fixed income. She worries about being forced to move due to rising interest from developers in her building. She has been on a waitlist for subsidized housing. In contrast, Sealy is currently in a stable position with her affordable rental. She actively supports housing advocacy to keep rents manageable. She acknowledges the potential for future increases but feels reassured by government regulations and community efforts.