Homeownership rates in Canada remain among the highest in the world despite housing affordability concerns across the country, according to the Royal Bank of Canada (RBC).
As of 2016 (the most recent data available), the country boasted an overall homeownership rate of 67.8%, slightly down from an all-time high of 69% in 2011, according to RBC Economic Research. Even for those aged 35 and below, more than 40% own their homes.
“We take issue with the notion that Canada has a homeownership problem,” the RBC report said. “…the proportion of all Canadian households who own a home is one of the highest among advanced economies.”
Among 16 global cities, Calgary has the highest homeownership rate at 73%. Toronto follows at 66.5%, and then Vancouver at 63.7%. Montreal is eighth at 55.7%.
Meanwhile, among the country’s major cities, Calgary also has the highest homeownership rate, followed by Saint John (70.3%), Saskatoon (70.2%), St. John’s (70%), Regina (69.9%), Edmonton (69.6%), Winnipeg (67.3%), Ottawa (66.6%), Toronto, Vancouver, Victoria (62.6%), Quebec (60.2%), and Halifax (60.1%). Montreal has the lowest homeownership rate.
For those aged below 35, the homeownership rate is highest in Calgary (50.6%) and lowest in Victoria (27.4%), according to a report by Canadian Mortgage Trends.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate