With housing affordability making homeownership a distant dream for many, new data from Statistics Canada highlights inequality
With many Canadians delaying their homeownership dreams due to the rising cost of living, new data highlights housing inequality.
Statistics Canada says that almost one third of all Canadian residential properties are owned by multiple-property owners and that the top 10 wealthiest owners account for around one quarter of the value of the country’s residential property.
Those who own a home other than their primary residence have the additional properties for rental income or other investment purposes, or as a recreational property (which may also be a source of rental income).
The figures are from the Canadian Housing Statistics Program and also reveal that, despite the challenges of getting a first foot on the housing ladder, the number of first-time homebuyers actually increased from 2018-2019.
Although the report says that buying multiple properties increases competition in markets, it states that the overall impact on housing market affordability includes other factors that are not included in the assessment for this report.
A recent poll from the Ontario Real Estate Association found that young adults in the province were often relying on their parents to help them fund a home purchase.
Most own two
A previous Statistics Canada from 2019 revealed that most multiple-property owners own two homes, with most living in Toronto and Vancouver.
These owners most likely live in a single-detached home, with a median age of around 56 or 57, and an even split between men and women.
The additional homes they own are likely to be in the same part of the city as their principal residence (which tends to be of higher value than those who only own one home).
New data from the Canadian #Housing Statistics Program show that multiple-property owners possess nearly one-third of all residential properties in the provinces and territories studied. https://t.co/QbCGc1Hmfq pic.twitter.com/z4hvezVYee— Statistics Canada (@StatCan_eng) April 12, 2022