OTTAWA –
Statistics Canada says the country’s home ownership rate is on the decline, with young millennials in particular less likely to own a home in 2021 than they were in 2011.
According to the latest census release, two-thirds of Canadians owned a home in 2021, down from a peak of 69 per cent a decade earlier.
The federal agency also 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.
The share of homes that are condominiums continues to rise, with most being built in large cities.
The report says monthly costs rose faster for renters than homeowners in the latest census period.
Housing affordability actually improved in 2021, but one in five renters still spend more than 30 per cent of their income on shelter costs.
This report by The Canadian Press was first published Sept. 21, 2022.
