Last Updated on October 24, 2023 by Ephraim Vecina
In the latest analysis of 2016 Statistics Canada numbers by Point2 Homes, Quebec and the Northwest Territories are the only two jurisdictions that saw their home ownership increase since 2011, at 61.3% and 53.7% of their populations, respectively.
The remaining 11 provinces suffered noticeable declines, which contributed to the national home ownership rate shrinking for the first time in nearly half a century.
The 2016 StatsCan census found that the nationwide rate fell by 1.2%, down to 67.8%.
Nunavut, plagued by inflamed costs and chronically inadequate housing supply, had the lowest rate across Canada, at 20%.
As for metropolitan markets, Caledon in Ontario exhibited the highest rate (90.8%) nationwide, while Montreal had the lowest (37%).
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Renting has seen increased popularity, the Point2 Homes analysis added. Around 32.2% of Canadians were renting their homes in 2016, up from 31% in 2011. This represented roughly 4.6 million people nationwide.
However, while Montreal, Victoria, and Vancouver have long enjoyed significant renter presence, none of the 100 cities studied have seen the majority switch from ownership to renting in the 2011-2016 time frame, according to StatsCan.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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