CHAPTER 2 Owning vs. Renting
Owning your own home might be one of the defining qualities of the “Canadian Dream:” the set of ideals that includes opportunity for prosperity and success and an upward social mobility for the family and children, achieved through hard work. Home ownership is surely ingrained as one of the strongest representations of that vision—66.5% of Canadians own their own home according to 2021 Statistics Canada, and more hope they will or wish they did. Something about home ownership plucks a strong chord with Canadians. Financial security, permanency, status, and pride are values many of us seek. Lifestyle plays a big role in the decision to own versus rent. Home buying is most often driven by household formation, such as marriage and growing a family. Data from 2011 and 2021 reveals a notable decline in homeownership rates across almost all age groups in Canada, with younger adults experiencing the sharpest decreases. Among Canadians aged 25 to 29, homeownership dropped significantly from 44.1% in 2011 to 36.5% in 2021. Similarly, for those aged 30 to 34, the rate fell from 59.2% to 52.3%, marking the second-largest decline. Although homeownership rates also decreased among older age groups, the reductions were more modest. For instance, among Canadians aged 70 to 74, homeownership dropped only slightly, from 75.5% to 74.8%. Interestingly, homeownership among those over 85 increased, mainly due to a larger proportion of high- homeownership individuals reaching this age bracket. Canadians aged 56 to 75 now represent the largest home-owning 15
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