Loading...Owning a home is a major milestone for many Canadians. Unfortunately, in recent years, the path to homeownership has become more challenging. With a changing economy and fluctuating costs, homeownership statistics can give us a look into the lifestyle choices Canadians are making. These numbers help us understand how economic changes are dictating who owns, who rents, and how the housing market is evolving.
Owning a home remains a major milestone for many Canadians, but in recent years, the path to homeownership has become increasingly difficult. Economic shifts and rising costs have reshaped the housing landscape, making ownership less attainable for many. Homeownership statistics offer valuable insight into the lifestyle choices Canadians are making.
Who are the owners?
Based on Statistics Canada data, homeownership rates are shown to rise with age. Canadians aged 40 to 74 are the most likely to own a home, with approximately 61% currently being homeowners. In contrast, only 34.5% of Canadians aged 25 to 39 own their homes. While the data suggests age is a key factor in homeownership, other variables also play an important role
Age often goes hand in hand with income. Older individuals typically earn more than their younger counterparts, simply because they’ve spent more time in the workforce, and have advanced farther in their careers. This financial advantage makes it easier to afford down payments, qualify for mortgages, and cover housing-related costs. So while age is a useful indicator, income is the main driving force behind who can actually afford to own a home.
Renting on the Rise
Trends are showing that recently built homes are increasingly likely to be occupied by renters and the younger population. Between 2016 & 2021, 40% of all housing was tenant-occupied. Rising numbers of renters can be attributed to the growing demand for downtown housing and condominiums across Canada, as well as increased investor interest. While condominiums accounted for one in six dwellings nationally as of 2021, rental condos accounted for half (50.1%) of all condos located in the downtowns of all census metropolitan areas across the country.
What does it all mean?
Homeownership in Canada peaked at 69% in 2011 but has steadily declined since. During the same period, the number of renters and tenant-occupied dwellings has continued to rise. Between 2011 and 2021, renter households grew by 21.5%, more than double the 8.4% growth seen in owner households.
Between 2021 and 2025, housing trends in Canada have continued to evolve. Once the next census data is released, we’ll gain a clearer picture of how the past four years have reshaped homeownership and rental patterns.