I recently watched a conversation featuring mortgage broker Ron Butler on The Really Big Show and Angry Mortgage Podcast.  One chapter was titled “The Shift to a Nation of Renters,” and it stopped me in my tracks.  Not because I agreed with every political opinion expressed, but because the central question echoed something I have been observing for several years: we are building a great deal of housing, but what kind of housing are we building, and who will ultimately own it?

More housing does not always mean more ownership

Rental housing is essential.  People need safe and suitable places to live at every income level, and renting is appropriate for many people at different stages of life.  However, increasing the overall housing supply does not automatically create more opportunities for individual homeownership.  A purpose-built rental building may add hundreds of homes, but those homes remain under the ownership of one company, institution or investor.  That is different from building condominiums, townhomes and detached or semi-detached properties that individual Canadians can purchase, pay down and eventually own.  According to CMHC, purpose-built rentals now account for approximately two-thirds of apartment starts across several key Canadian markets.  CMHC has also warned that weakening condominium and ground-oriented construction could eventually leave Canada with too few ownership options when demand strengthens again.  This is the part of the conversation that deserves more attention.  We should not measure progress solely by counting the number of doors being built.  We should also consider whether those doors provide a realistic path to ownership.

Edmonton is an important exception

The Edmonton market requires a more balanced interpretation.  Although rental construction has been highly visible throughout the city, Edmonton has not experienced the same collapse in condominium construction seen in markets such as Toronto and Vancouver.  CMHC reports that Edmonton condominium apartment starts increased by 14% during the first half of 2026 compared with the same period in 2025.  Condominiums represented nearly one-quarter of Edmonton’s apartment starts, up from approximately 3% in 2023.  That is encouraging.  It means Edmonton is still producing relatively affordable ownership options while adding rental housing.  At the same time, the rental side of the market has expanded significantly.  More than 2,000 Edmonton condominium apartments were added to the long-term rental supply in 2025, bringing the proportion of condominium apartments offered for rent to 37%.   The vacancy rate for rented condominiums remained low at 1.7%, demonstrating continued demand for modern homes in desirable suburban and central locations.  In other words, condominiums are being built, but many are also becoming income-producing properties rather than owner-occupied homes.

Why ownership still matters

Previous generations were not guaranteed an easy path.  They experienced high interest rates, recessions and periods of economic uncertainty.  However, many people who purchased homes decades ago eventually paid off their mortgages and accumulated substantial equity.  That equity became more than a number on paper.  It provided financial stability, borrowing capacity, retirement options and something that could be passed to the next generation.  Renting can provide flexibility and freedom from certain ownership responsibilities.  It does not, however, automatically create an asset for the tenant.  Unless renters consistently invest the difference between renting and owning, years of monthly payments may not produce an equivalent source of personal equity.  This is why I am uncomfortable with any message suggesting that long-term renting should simply become the expected future for younger Canadians.  Renting must remain a valid option, but ownership should remain an attainable goal.

A mortgage helper can create another path

The answer is not necessarily to purchase the largest or newest home available.  For some buyers, the more strategic choice may be a property with a legal secondary suite.  Rental income can offset a portion of the mortgage and make it possible to purchase in an established neighbourhood closer to employment, universities, schools, shopping, parks and Edmonton’s River Valley trails.  This can work in several ways.  A buyer may live in the main residence and rent the basement suite.  Another buyer may occupy the smaller suite temporarily while renting the primary dwelling.  An investor may purchase a property with two legally permitted living spaces and create income from both.  The property still needs to make financial sense.  Buyers must consider the purchase price, property taxes, realistic rent, suite legality, sound separation, parking, maintenance and the responsibilities of becoming a landlord.  Rental income should never be treated as guaranteed.  But when the property, location and numbers align, a mortgage helper can give an individual buyer access to the same basic advantage that large rental-property owners understand very well: using income from real estate to help pay for the real estate.

We need both rental housing and ownership opportunities

This should not become a choice between supporting renters and supporting homeowners.  Edmonton needs rental housing, affordable housing, supportive housing and a healthy supply of homes that individuals can purchase.  The more important question is whether the overall housing mix preserves meaningful opportunities for people to move from renting into ownership.  I do not want the aspiration of homeownership to be quietly replaced by the assumption that future generations will rent indefinitely.  Edmonton remains one of Canada’s more attainable major markets, and homes with legal suites, condominiums and missing-middle housing can all help preserve that opportunity.  The goal should be more than building places for people to live.  It should also include creating realistic ways for more people to own a stake in where they live.