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.
The decline in homeownership rates between 2011 and 2021 was the largest for younger Canadians, with the rate falling to 36.5 from 44.1 for those between the ages of 25 and 29.
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.
Mike Moffatt, an assistant professor at Western University’s Ivey School of Business, said that illustrates why the overall homeownership rate is not as useful for understanding recent trends.
“As people get older, they’re more likely to own a home,” he said. “That’s why I think it’s going to be important to break down the data by age cohort.”
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.
Brittany MacKenzie, a real estate agent in Fredericton, N.B., said she’s noticed a shift in the attitudes of young people hoping to become homebuyers as prices have risen.
“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.
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 also compared monthly shelter costs of renters and homeowners and found those costs rose faster for renters than homeowners in the latest census period.
The median monthly shelter cost for renters went up 17.6 per cent between 2016 and 2021, outpacing inflation, as the consumer price index rose by 9.5 per cent over that same period. For homeowners, the median monthly shelter cost went up by 9.7 per cent.
Housing affordability actually improved in 2021, but one in five renters still spent more than 30 per cent of their income on shelter costs.
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.
Moffatt said the data doesn’t give an accurate depiction of housing affordability because of these support measures.
“It’s going to be quite misleading just because people were receiving this sort of one-time boost to incomes,” Moffatt said.
The report also touches on the rising trend of condominium construction, especially in urban centres. Between 2016 and 2021, over half of the homes built in Toronto, Vancouver and Montreal were condos.
Millennials made up the largest share of the approximately 4.3 million Canadians living in condos in 2021, with nearly three in 10 condo-dwellers being in that age cohort.
This report by The Canadian Press was first published Sept. 21, 2022.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
