Home ownership rates are falling in Canada, especially among young people: data – National

Statistics Canada said the country’s home ownership rate is falling, especially as young people are less likely to own a home in 2021 than in 2011.

According to the latest census release, two-thirds of Canadians own a home by 2021, down from a peak of 69% a decade earlier.

The drop in home ownership rates between 2011 and 2021 was greatest for young Canadians, with the rate falling from 44.1 to 36.5 for those between the ages of 25 and 29.

Canadians between the ages of 30 and 34 experienced a similar but slightly smaller drop in home ownership, from 59.2% to 52.3%.

Meanwhile, the percentage of tenants increased. Statistics Canada says the number of rental households has more than doubled the share of owner-occupied households between 2011 and 2021.

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The federal agency also says newly built homes are increasingly likely to be rented by tenants, with 40.4 percent of new homes built between 2016 and 2021 now being rented.

Read more:

Rent-to-own is a path to ownership for some, but not a ‘miracle solution’: experts

The share of condominiums continues to rise, with most being built in major cities.

The report says monthly costs for renters grew faster than landlords in the latest census.

Average monthly costs for renters rose 17.6% between 2016 and 2021, outpacing inflation, as the consumer price index rose 9.5% year-on-year. For homeowners, average monthly housing costs rose 9.7%.

Housing affordability does indeed improve in 2021, but one in five renters still spend more than 30% of their income on housing costs.

Statistics Canada says the improvement in affordability has been most pronounced for low-income renters and can largely be attributed to temporary COVID-19 income support.

Click to play video: ''Tinder for Real Estate': Co-ownership is on the rise amid the housing crisis'

‘Tinder for Real Estate’: Co-ownership is on the rise amid housing crisis

‘Tinder for Real Estate’: Co-ownership is on the rise amid housing crisis – September 3, 2022

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