Census Shows Condo Ownership Booming with Fewer Home Owners
Written by: Condo Chicks
Posted on: November 20, 2017
Recently, Statistics Canada released a census report indicating that home ownership has dipped between 2006 and last year. Back then, 68.5% of Canadian households owned homes compared to 2016’s 67.8%. Census is conducted every five years, with the trend showing relative stability; Canadian home ownership peaked in 2011 when it was 69%.
Baby Boomers Drove Pre-2006 Home Ownership Growth
After studying data from neighborhoods that we specialize in as Condo Chicks, it is evident that current home owners aren’t leaving. This explains the slowdown, with seniors being more likely to own homes than a decade earlier. The younger generation, however, don’t seem as interested in homes as they are in condos.
Interesting Times Ahead
So far, millennials have been have been predictable when pitted against baby boomers in home ownership. As the latter transitions into retirement, there’s no telling which ownership prospects they will amplify. If they decide into new residences, millennials might end up embracing home ownership. Our assessment and experience reveal that pressure on home ownership rate is eased by people moving into Urban Toronto.
Home ownership rates is largely affected by Canadians’ likelihood to live in cities such as Toronto. With a mix of traditional and modern neighborhoods, locations such as Yorkville continue to experience a population surge. Beyond this metropolitan areas, 78% of households are proud home owners: This is 10% above the Canadian average.
The Condo Boom
At Condo Chicks, we’ve noted the relentless zeal with which builders are setting up condos. Queen West, for instance, is now abundant with several stylish condo apartments. While some are in the construction phase, we could help you procure a desired floor plan. For the past five years, a third of all homes constructed in Canada are condos. This has seen a sharp increase in Canadian households living in condos, from 1.2% to 13% since 2011.
Condos Offer Excellent Living Styles
Compared to the previous census, more than two thirds of residents living in Condos in Toronto are owners. This indicates that more Canadians are transitioning to condos as time goes by. Your average millennial has an exponentially higher chance of owning a condo than a 30-year older citizen. While 1 in 10 people in their 50s live in modern condos, 1 in every 5 millennials in their twenties do. Those above 65, however, can’t get enough of condos!
Unaffordable Canadian Shelter
Slightly below a quarter of Canadian households live in shelters deemed as unaffordable; over ten years, this rate has merely decreased by 0.3%. The CMHC deems properties unaffordable when the tenants spend less than 30% of their incomes for all monetary obligations. In Toronto, residents barely afford their shelter going by this definition.
As a growing trend, we are seeing more people moving towards condo ownership than renting. In essence, home owners have a 16.5% probability of failing to meet shelter costs compared to renters’ 40%. Will you be making the wise move and buying into the right property for you and your family? We would be much obliged to guide you towards the right and affordable real estate ownership option.