OTTAWA — Canada’s homeownership rate is on the decline, with young adults in particular less likely to own a home in 2021 than they were adecade earlier, says…
According to the latest census release, 66.5 per cent of Canadians owned a home in 2021, down from a peak of 69 per cent in 2011.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Mike Moffatt, an assistant professor at Western University’s Ivey School of Business, said data about these age groups illustrates why the overall homeownership rate is not as useful for understanding recent trends. “I have found that a lot of our younger buyers have been hesitant now and have exited and decided to rent for a little bit,” she said.
Housing affordability actually improved in 2021, but one in five renters still spent more than 30 per cent of their income on shelter costs. Since the census data was collected, the housing market has changed. Home prices continued to rise before falling dramatically in 2022 as interest rates rose.Article content
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