The Financial Post reports in its Thursday, Sept. 22, edition that Canada's homeownership rate has declined to 66.5 per cent after peaking in 2011 at 69 per cent, Statistics Canada said.
The Post's Shantae Campbell writes that Statscan said Wednesday in its latest release, "Trying to figure out the right time to buy is a difficult decision that can leave Canadians wondering how long they want to hold out on entering the real estate market -- or whether they even want to." While the slowdown in home starts and sales continues, home prices had previously increased to such levels that even a major correction may not be enough for most Canadians to enter the market given current interest rates. Adults under the age of 75, especially young millennials aged 25 to 29 years, were less likely to own their home in 2021 than a decade earlier, Statistics Canada said in its report, Portrait of Housing in Canada 2011-2021. Meanwhile, the growth in renter households has more than doubled the growth of owner households.
The agency said renter households grew 21 per cent between 2011 and 2021 compared with the home ownership growth rate of 8.4 per cent. Housing is at its most unaffordable level in 30 years.
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