Changing interest rates and mortgage rules have left people across the country buzzing about what’s going on in the housing market. Whether you’re a young adult who’s hoping to purchase your first home, a boomer who’s looking to downsize, or someone in between, check out these emerging trends based on Statistics Canada’s census data.
Condo nation: The condo boom continues, with almost 1.9 million households choosing this space-saving and cost-conscious housing option. Unsurprisingly, among Canadian cities Vancouver has the highest proportion of households living in condos, followed by Calgary and Abbotsford–Mission.
Millennial movements: Young adults aged 24 to 30 have a lower homeownership rate than baby boomers had at the same age. This may be partly because the number of those living with their parents is rising. However, many other factors, such as the cost of shelter, are also involved.
Seniors staying put: People aged 65 and older are more likely to own their homes in 2016 than a decade ago, suggesting that they are more often willing to age in place, rather than to move into a retirement home or downsize into a rental apartment.
Money talks: Property values vary greatly between cities. In Canada, the average value of an owner-occupied dwelling in 2016 was $443,058. Meanwhile, it was $1,005,920 in Vancouver, compared with $734,924 in Toronto and $366,974 in Montréal.
Ownership rates: Overall, the rate of households who own their home in Canada has remained relatively stable since 2006, with 67.8 per cent reporting ownership in 2016. However, broken down by province, the picture changes slightly: homeownership rates declined in the Atlantic provinces, Ontario, British Columbia and Nunavut, and increased in Quebec and the Northwest Territories.
Find more information at www.statcan.gc.ca/census.