The federal agency notes that new homes are more likely to be occupied by tenants, which was the case for 40.4% of new construction between 2016 and 2021. (Photo: The Canadian Press)
OTTAWA – Canada’s home ownership rate is declining, and millennials are less likely to own a home in 2021 than they were in 2011, according to new census data from Statistics Canada.
In 2011, the homeownership rate had hit an all-time high of 69.0%, but had fallen to 66.5% by 2021.
The agency points out that new-build apartments are more likely to be occupied by tenants, which was the case for 40.4% of new builds between 2016 and 2021.
The upward trend in housing construction is also continuing nationwide, especially in the major cities.
The new data also shows that monthly housing costs for renters have risen faster than for owners during the last census.
The rate of unaffordable housing for renters in Canada has fallen from 40.0% in 2016 to 33.2% in 2021, but one in five renters still spent more than 30% of their income on housing costs in 2021.
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