Home ownership is down in Canada, according to the census
Millennials were less likely to own a home in 2021 than in 2011, according to the census.
Homeownership rate is down in Canada, and millennials were less likely to own a home in 2021 than in 2011, according to new census data from Statistics Canada.
In 2011, home ownership had reached an all-time high of 69.0%, but had dropped to 66.5% in 2021.
The federal agency points out that new housing is more likely to be occupied by tenants, which was the case for 40.4% of new construction between 2016 and 2021.
The upward trend in the construction of housing also continues across the country, especially in major cities.
The new data also indicates that monthly housing costs have risen faster for renters than for owners over the past the last census period.
The rate of unaffordable housing for renters in Canada decreased from 40.0% in 2016 to 33.2% in 2021, but one renter in five still had to spend more than 30% of their income on housing costs in 2021.