Half of all Canadians will be looking for cheaper housing because of the pandemic
The pandemic has undoubtedly made it more difficult for renters across the country to manage their finances and afford everyday necessities, and a new survey found that many intend to leave their current homes in search of more affordable housing as a result.
The newly released renters' survey, conducted by Rentals.ca, surveyed more than 16,000 renters across 181 cities in Canada.
Of those surveyed, half of the respondents said they'll need to look for a more affordable place to rent because of the COVID-19 pandemic.
The survey found that another 20 per cent said they haven't yet decided whether or not they'll need to seek out more affordable accommodations as their job status remains uncertain.
Whether the supply of affordable housing will be able to meet these demands, on the other hand, remains to be seen — especially in Toronto and Vancouver.
Respondents were also directly asked whether they plan to move at some point during the pandemic, to which more than 50 per cent of renters said they are planning to move or are at least thinking about moving soon.
"There was a significant increase in website traffic on Rentals.ca in May," said Matt Danison, CEO of Rentals.ca, in a statement. "It appears prospective tenants are doing their research to move or at least to prepare for a move in the near future."
On the more positive side of things, the survey also discovered that Canadians have become more budget-conscious in these trying times.
"Living within the confines of a budget could be a good trend for Canadian renters/consumers during these uncertain times," notes a press release about the survey.
"Job losses, furloughs, health concerns and caution could be at play in Canadian renters moving down to save money."
And of those respondents who said they are or might be moving during the pandemic, 24.2 per cent said they're worried about not being able to afford rent due to job uncertainty, 18.5 per cent said they're worried about increased chances of contracting the virus while moving, 12.2 per cent said they're worried they might be forced to move because their lease is ending, and 45.2 per cent said they're not worried about moving at all.
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