According to Statistics Canada, the homeownership rate in Canada is declining, with young persons in particular having a lower likelihood of owning a home in 2021 than they had in 2011. Two-thirds of Canadians owned a home in 2021, down from a peak of 69% a decade earlier, according to the most recent census report.
Younger Canadians experienced the biggest drop in homeownership rates between 2011 and 2021, with the percentage for people aged 25 to 29 dropping from 44.1 to 36.5. Fewer than 60 per cent of people in this age group owned a home in 2021, compared to 70 per cent in 2011.
Decline Of Home ownership Between 2011-2021 For Young GenZ
- In addition, more young adults are living with their parents. In 2011, 18 percent of people aged 20 to 29 lived with a parent, but by 2021 that had climbed to 22 per cent.The national homeownership rate peaked at 69 per cent in 2016 before declining sharply during the 2008-09 recession and remaining relatively flat since then.
- The census found that the largest declines have been among households who rent apartments or condos (down from 28 to 26 per cent), those who own single detached homes (down from 68 to 63 per cent), and those who live in semi-detached homes (down from 44 to 41 per cent).
- The study also found that the number of millennials in Canada has been growing steadily, from 5 million in 2001 to 7.2 million in 2016 an increase of 35.4 per cent.Over that same period, the overall Canadian population increased by 14.8 percent to 35 million people.”In contrast with previous generations, many millennials are still establishing their careers and families,” said realtor in Brampton. As a result, they are spending more time living at home with their parents than earlier generations did at the same age.
Data of real estate in 2021 By Best Real Estate Agent In Brampton
- In contrast to inflation, which increased by 9.5 percent between 2016 and 2021, the median monthly housing cost for renters increased by 17.6 percent during that time. The median cost of housing for homeowners increased by 9.7%.
- In spite of a rise in housing affordability in 2021, one in five renters continued to spend more than 30% of their income on housing.
- According to Statistics Canada, temporary COVID-19 income subsidies are mostly to blame for the increase in affordability, which was most noticeable for low-income renters.
- The growing tendency of condominium construction, particularly in metropolitan centres, is also discussed in the research by the best real estate agent in Brampton . More than half of the residences constructed in Toronto, Vancouver, and Montreal between 2016 and 2021 were condos.
- Nearly three in ten of the approximately 4.3 million Canadians who resided in condos in 2021 belonged to the millennial generation, making up the largest portion of the population.
Costly properties led troubles in buying and selling
Bullpen Research & Consulting and TorontoRentals.com data show that the average rental rate per square foot in the area of Brampton, Greater Toronto Area increased to $1,999 in, up $22 over the previous month, for all property types. According to the data, city rental prices have increased 2.2% from January to $2.80.
The rise suggests that rates may have reached a bottom in the first quarter of 2021 after experiencing steep decreases throughout 2020 as a result of the pandemic. In May, monthly rents were still down 11.4% from the previous year.
According to the best real estate agents in Brampton, the average monthly rent for condos in Brampton, GTA rose 1.7% month over month to $2,109. Apartment rents stayed the same, rising only 0.3% a month to $1,900, while monthly rental
Overall View By A Realtor In Brampton
The Stats can findings follow a report from CIBC which suggested that soaring home prices in Brampton, Toronto and Vancouver are pricing millennials out of the housing market. The bank estimates that as many as one million millennials across Canada will be unable to afford homes because of high prices. Homeownership has long been viewed as an important part of the Canadian dream,” said a realtor in Brampton but because of these assistance programmes, the data does not accurately portray home affordability.
Because people were receiving this type of one-time income bump, Best real estate agent in Brampton said, “It’s going to be pretty misleading. A decline in affordability could have an impact on this dream.” The national ownership rate is expected to continue to fall in the coming years, but at a slower pace.