{"id":13515,"date":"2019-08-30T15:15:20","date_gmt":"2019-08-30T22:15:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13515"},"modified":"2019-08-24T09:12:26","modified_gmt":"2019-08-24T16:12:26","slug":"canadas-homeownership-rate-rise","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadas-homeownership-rate-rise\/","title":{"rendered":"Canada&#8217;s Homeownership Rate Rise"},"content":{"rendered":"<p style=\"text-align: justify;\">A factoid from a recent Statistics Canada study on homeownership and mortgages may cause some head scratching at first blush.<\/p>\n<p style=\"text-align: justify;\">In 2016 \u2014 the year major Canadian markets were approaching all-time peak prices \u2014 the rate of homeownership in the country was actually higher than it was back in 1999.<\/p>\n<p style=\"text-align: justify;\">According to Statistics Canada, 63 percent of Canadian families owned a home in 2016, versus 60 percent in 1999.<\/p>\n<p style=\"text-align: justify;\">So what about that housing-affordability crisis? After all, by the final quarter of 2016, the median-earning Canadian household needed to use 44.2 percent of its pre-tax income to cover the cost of owning a home, according to RBC research from 2017.<\/p>\n<p style=\"text-align: justify;\">That surpassed the 10-year average at the time (38.7 percent), was up 3.4 percentage points from Q4 2015, and remained well above the one-third of income Canada Mortgage and Housing Corporation deems to be the threshold for true affordability.<\/p>\n<p style=\"text-align: justify;\">Well, in the Statistics Canada report, researcher Sharanjit Uppal lays it out: \u201cAlmost all of this increase was because of population aging, given that families in older age groups are more likely to own their homes.\u201d<\/p>\n<p style=\"text-align: justify;\">Canadians under 35 years of age are more likely to still be in school and busy socking away money for a downpayment, Statistics Canada explains.<\/p>\n<p style=\"text-align: justify;\">It\u2019s yet another example of Canada\u2019s aging population \u2014 for the first time ever, seniors represented a larger share of the population than children, as per the 2016 Census \u2014 impacting the housing market.<\/p>\n<p style=\"text-align: justify;\">Another cohort appears to have supported the homeownership rate: recent immigrants.<\/p>\n<p style=\"text-align: justify;\">Characterized as persons who moved to Canada within the last five years, recent immigrants saw their homeownership rate explode from 1999 to 2016.<\/p>\n<p style=\"text-align: justify;\">By 2016, 39 percent of recent immigrants were homeowners, up from 17 percent in 1999.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite the large increase in homeownership rates of recent immigrants, they remained less likely to own their homes than established immigrants and Canadian-born individuals,\u201d notes Uppal.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/08\/canadian-housing-affordability-homeownership-rate.html\" target=\"_blank\" rel=\"noopener noreferrer\">If Canadian Housing Affordability is So Bad, Why Did Canada&#8217;s Homeownership Rate Rise?<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A factoid from a recent Statistics Canada study on homeownership and mortgages may cause some head scratching at first blush. In 2016 \u2014 the year major Canadian markets were approaching &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadas-homeownership-rate-rise\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-13515","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada&#039;s Homeownership Rate Rise &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadas-homeownership-rate-rise\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Homeownership Rate Rise &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A factoid from a recent Statistics Canada study on homeownership and mortgages may cause some head scratching at first blush. 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