Toronto may have both the highest number of residents renting homes out of anywhere in Canada, but when it comes to how fast tenant populations are growing across the country in the face of a dire dearth of affordability, the city isn't even in the top 10.

A new report examined how many renter households are in various cities nationwide, as well as the share of renters versus homeowners in each, the age demographics of Canadian tenants, and other metrics — including how sharply the trend of renting is catching up to owning in this economic climate.

The data, compounded by rental listing site Point2Homes, indicates the striking fact that the quantity of renters has grown at twice the rate of that of homeowners in recent years, up 10.3 per cent (compared to 4.6 per cent for owners) between 2016 and 2021.

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"There are nearly one million more renter households in a decade, according to the latest Census. Whether it's about having the flexibility to move whenever, pinching pennies or just freedom from fixing leaky faucets, one thing's for sure: Canada has reached unprecedented levels of renters," the firm wrote in a release last week. 

"At the forefront of this renter revolution lie ongoing demographic shifts — including increased numbers of newcomers, an aging population and people relocating closer to job hubs. But there are also practical reasons, like the financial benefits of renting in this high-priced housing market, as well as an increased preference for a maintenance-free lifestyle."

A total of 28 in 50 major Canadian cities now have more than the national average proportion of renters to property owners — 33 per cent — and certain locales have proven to be more popular for renters over time.

While Toronto had the highest count of renter households at 551,290, Montreal was a close second with 512,775, and also had the highest share of renters at 63.4 per cent of its population (versus Toronto's 47.9 per cent, putting us in fifth place by this measure).

Vancouver, Sherbrooke and Quebec City rounded out the top five for places with the largest proportion of renters, with 54.5 per cent, 50.4 per cent and 48.6 per cent, respectively. But when it came to the municipalities where more renters are moving (or more buyers are switching to renting), it was a completely different story.

Between the Census years, multiple Ontario cities saw their tenant populations explode, despite being largely suburban and filled with single-family homes.

While Richmond, B.C. took the top spot on this list with a jump from 17.6 per cent of citizens renting to 28.7 per cent (11.1 per cent over five years), Waterloo was second, with a spike from a much higher 31.2 per centto 38.3 per cent (7.1 per cent more in five years).

Next on the list was Markham, where the proportion of people renting vs. buying surged from 13.8 per cent to 18.1 per cent (a 4.3 per cent increase), followed by Oshawa (also a 4.3 per cent rise from 31.5 per cent to 35.8 per cent) and Oakville (an 18.3 per cent to a 22.2 per cent proportion, or a 3.9 per cent increase).

Vaughan, Kingston, Barrie, Milton and Ajax were also among the top 15 spots in Canada where the fraction of renters (to owners) has climbed the most.

One last interesting Ontario-related takeaway from the report is the fact that Kingston has the most young renters in the entire country, with a shocking 92.9 per cent of people under 24 serving as tenants due to it being a renowned university town.

Montreal had the most residents of any other age renting: 81 per cent of people 25-34, 65.8 per cent of people 35-44, 54 per cent of people 55-64 and a surprising 52.5 per cent of people 65+.