Thursday, June 8, 2023
HomeEconomyCensus shows renters make up a growing share of Canada's new homes

Census shows renters make up a growing share of Canada's new homes

by Julie Gordon

OTTAWA (Reuters) – Renters are increasingly likely to buy new homes in Canada, suggesting investors may be replacing owner-occupiers as The country is looking to get out of the woods. It’s an affordability crisis, according to Statistics Canada’s census data on Wednesday.

Some 17.4% according to Statscan 2021 Census, 1 million homes built between 2021 and 2021 are occupied by renters, while .5% of homes are built between 2011 and

. At the same time, Canada’s homeownership rate fell from 69 to 50.5% .0% in 2011.

Condo construction surged, especially in Canada’s largest city. In Toronto, 55.8% of homes built in the past five years are condos, with a higher percentage in Vancouver and Montreal than 50%,Data Display.

While the city may approve new condos in hopes of creating more housing for the first cohort – Andy Yan, director of urban projects at Simon Fraser University in Vancouver, said that for first-time buyers, the data Indicates that investors are increasingly benefiting.

Areas where investors are looking for a second or third home,” he said, adding that as end-users competed with investors for housing, this drove up prices.

A typical home in Canada costs more than C$341,300 ($ 968 Double ,968) January968 to C$254,55 December 968, according to the Canadian Real Estate Association.

Housing costs for renters skyrocketed .6% During the census, Statscan said, while the cost of owner-occupier housing rose by 9.7%.

Canadian Liberal Party-led The government has pledged to build 3.5 million homes over the next decade to help ease the affordability crisis, while also funding various programs aimed at helping first-time buyers enter the market.

More broadly, the census found that more than one-third of condos in Canada are 2021 for rent, and more than half of the three largest condos in the country are rented. Statscan says , Millennials make up the largest share of apartment dwellers.

($1=1.3386 CAD)



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