08:24:34 EDT Sun 28 Apr 2024
Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,414,684,980
Close 2024-03-22 C$ 135.26
Market Cap C$ 191,350,290,395
Recent Sedar Documents

FP/CP say RBC's Freestone finds renters in a tough spot

2024-03-25 08:22 ET - In the News

The Financial Post reports in its Monday edition that the Royal Bank of Canada said in a report on March 14 that renters face daunting barriers in their attempts to build wealth as they are forced to devote an increasing share of their income to keeping a roof over their head. A Canadian Press dispatch to the Post reports that the report by economist Carrie Freestone adds to a growing body of research painting a stark picture of the wealth divide between renters and homeowners. It notes that since 2010, homeowners have seen their net worth grow from nine to 13 times household disposable income, while for renters, net wealth grew from three to 3.5 times income over the same period. The faster-growing wealth of homeowners is part of a longer-term trend that saw home ownership drive nearly half of wealth accumulation over the past three decades, the report said. Renters hoping to make the jump to ownership, and the benefits it brings, face rising hurdles, said Ms. Freestone. She added: "Canadian renters are getting squeezed more than homeowners, making home ownership an even more distant dream. This threatens renters' path to accumulating wealth -- which could exacerbate inequality over the longer term."

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