Canadian Renters Express Mixed Feelings Towards 2024 Federal Budget’s Housing Measures: Survey

Rentals.ca recently conducted an extensive survey to gauge renters’ feelings regarding the 2024 Federal Budget’s housing provisions.

The survey gathered responses from renters across Canada and revealed insights into their awareness, confidence, and perceived impact of the budget’s housing measures.

“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,” said David Aizikov, senior data analyst at Rentals.ca.

A total of 66 per cent of respondents indicated awareness of the 2024 federal budget, with only 54 per cent specifically knowledgeable about its housing-related provisions.

Only 10 per cent of respondents expressed confidence in the budget’s ability to positively impact the housing crisis, while 42 per cent held pessimistic views or saw no significant effect. The survey revealed that nearly half, 47 per cent, sought further information to form an informed opinion.

A total of 74 per cent of renters rated the government’s efforts in addressing housing affordability as “ineffective,” with a mere 2 per cent viewing them as effective.

The survey also dove deeper into renter perspectives on the housing crisis and uncovered recurring themes such as affordability, rent control measures, and the influence of immigration and foreign investment.

In terms of the current rental satisfaction, 92 per cent of renters expressed difficulty in finding affordable housing. The survey asked, “On a scale of 1 to 10, how concerned are you about the current state of the housing market in Canada?” to which the average sentiment was a nine.