Canadian renters are more squeezed than ever before! Renters are allocating a greater share of their take-home pay to housing than homeowners at the same time that costs for other essentials (and interest on debt) have risen. This has resulted in renters as a collective spending more than they earn. Down-payment requirements are mounting relative to take-home pay, making it exceptionally difficult to save for a home.

On this week’s episode of the 10-Minute Take, RBC Economists Claire Fan and Carrie Freestone unpack housing as a vehicle for wealth accumulation, explaining how opportunities for wealth generation are becoming less accessible and what that means for a large segment of Canada’s population.