Canada's homeownership rate is on the decline, with young adults in particular less likely to own a home in 2021 than they were in 2011, says Statistics Canada.
Posted: Sep. 21, 2022 8:09AMCanada’s homeownership rate is on the decline, with young adults in particular less likely to own a home in 2021 than they were in 2011, says Statistics Canada.
Canadians between the ages of 30 and 34 experienced a similar but slightly smaller decline in homeownership, falling to 52.3 per cent from 59.2 per cent. Meanwhile, the renter rate increased. Statistics Canada says the number of renter households grew at more than twice the rate of owner households between 2011 and 2021.
The federal agency says newly built homes are increasingly likely to be occupied by renters, with 40.4 per cent of new homes built between 2016 and 2021 now rented out. Statistics Canada says the improvement in affordability was the most pronounced for low-income renters and can be largely attributed to temporary COVID-19 income supports.
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