Between 1981 and 2006, Canadians increasingly chose to own, rather than rent, their homes, says Statistics Canada.
At the outset of this 25-year period, 62 per cent of households owned a home, but by 2006, the number had risen to 69 per cent.
In the report, the federal agency notes the trend was not shared equally among all age brackets.
“Households with higher incomes, sufficient wealth for a downpayment and a stronger connection to the labour market were more likely to own rather than rent,” the report reads. “A lower cost of owning relative to renting was associated with homeownership.”
The numbers from the report:
- In the lowest income bracket, couples aged 20 to 39 with children saw homeownership rates fall from 47% to 35% between 1981 and 2006.
- For couples with children in the top income bracket, homeownership rates rose from 88% to 94% during the same 25-year period
- Unlike couples with children, non-family individuals have turned progressively towards owning, regardless of their income level
- Between 1981 and 2006, in the bottom income bracket, homeownership rates among non-family individuals aged 20 to 39 rose from 9% to 17%. However, rates for these households in the top income bracket increased even more, from 38% to 60%
You can check out the whole report for yourself here.