How many Canadians own their homes?
The new statistics show interesting results.
Statistics Canada released new data on the housing market in the country. During the pandemic, real estate prices rose sharply, but after February 2022 they began to fall due to higher mortgage rates.
Overall, the price of housing in Canada increased significantly from 2016 to 2021. This is especially noticeable in the provinces of Ontario and British Columbia, where real estate rose by more than 50%. Still, statistics show that the number of families for whom housing is unaffordable is declining. In 2021, only 20.9% of households spent more than 30% of their income on rent or mortgage payments.
Couples have the least trouble paying for housing, which is logical since they are able to sum up their income and share expenses. The situation is similar for those who rent a room or part of a house with roommates.
The study also showed that homeownership in Canada is gradually decreasing. Nevertheless, the figure remains high — 66.5% of Canadians own property. The lowest homeownership rate is among young people aged 25 to 29, at 36.5%. However, home ownership increases to 52.3% by age 34 and to 74.8% by age 70 to 74.
Among Canadian regions, residents of the Atlantic provinces are the most likely to own homes: Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. The lowest homeownership rate is in Quebec.
Most Canadians, however, continue to live in detached houses. Although more and more condominiums are being built around the country, the percentage of families living in them is only 15%. For the most part, condominiums are located in metropolitan areas, and about half of the apartments there are rented.
Another interesting finding is that more and more Canadians are buying real estate as an investment. Thus, apartments that are rented out are most often owned by individuals rather than companies. Investments in condominiums are convenient for Canadians, as apartments are much cheaper than detached houses, townhouses, and similar types of real estate.
Due to the high level of income, immigrants in Canada also have the opportunity to purchase their own homes. Book a consultation with our company and we will help you immigrate.
