Business Environment Profiles - Canada
Published: 31 January 2025
Homeownership rate
66 %
-0.2 %
The homeownership rate represents that percentage of total available homes occupied by households. Historical data is sourced from Statistics Canada's National Household Survey.
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The rate of homeownership in Canada generally follows trends in the age breakdown of Canadian residents. For instance, older individuals are more likely to own homes, as these individuals typically have higher incomes and greater wealth than younger individuals. In fact, according to research from the Organisation for Economic Co-operation and Development (OECD), population aging boosts aggregate homeownership rates by three-quarters to one percentage point among countries such as Switzerland, Germany and Canada. However, despite Canada's aging population, the homeownership rate is expected to experience constrained growth during the five-year period, largely due to limited growth in real wages, rising levels of aggregate consumer debt and other negative economic conditions.
Though the economic effects of the pandemic limited growth, low mortgage rates between 2020 and 2021 kept homeownership rates afloat during the pandemic period. Additionally, Canada's main lending institutions allowed for mortgage payment deferrals, mitigating the number of foreclosures throughout the country. According to The Globe and Mail, surging inflation and increases in home prices during 2022 and 2023 have limited homeownership growth due to many potential owners being priced out and pushed into rentals. Significant drops have been avoided however, due to homeowners being willing to take on increasing levels of debt to finance their homes. Th Canadian government's push to provide more affordable housing has also served to sustain ownership levels. As a result, growth in homeownership has remained flat over the five years to 2025.
The homeownership rate in Canada is projected to experience relatively low growth over the five y...
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