STOREYS editorial team
New data from Statistics Canada (StatCan) on timeshares reveals the extent of inequality in the Canadian housing market.
According to figures from the Canadian Housing Statistics Program, which includes both residential and recreational properties, multi-property owners own almost a third of all residential properties and the top 10% of owners account for a quarter. of housing values in Canada.
As StatCan points out, in addition to their primary residences, many property owners hold properties to receive rental income or for other investment purposes, or as recreational property such as a cabin or ski lodge. , which can also generate rental income.
Individual timeshare owners hold a large share of the residential housing stock, although they represent a relatively small number of owners. Timeshare accounted for a staggering 41% of Nova Scotia’s housing stock, 39% of New Brunswick’s, 31% of Ontario’s and 29% of British Columbia’s (BC). B.). Owners of multiple properties represented 22% of all owners in Nova Scotia, 20% in New Brunswick, 16% in Ontario and 15% in British Columbia.
StatCan refers to a previous version that took an in-depth look at the owners of several properties. Among her most notable findings, she revealed that the majority of Canadians in this group owned two properties, with the most common combination being two single-detached homes. In 2020, the majority of multiple property owners held all their properties in the same census metropolitan area (CMA) or census agglomeration (CA), and about 40% held all their properties in the same census subdivision in Ontario and British Columbia. This reveals that landlords would like to stay close to their rental properties.
“Homeowners looking for additional properties are contributing to increased competition in already tight real estate markets, making it more difficult for future homeowners to buy a home,” the report read.
Data reveals that the top 10% of homeowners in Ontario, British Columbia, Nova Scotia and New Brunswick earn more than the bottom 50% combined, the top 10% of homeowners in Ontario and in British Columbia each earning an annual income of more than $125,000.
Despite these glaring inequalities, new data shows an increase in the number of first-time buyers from 2018 to 2019 (admittedly, this was before prices in the country’s housing market reached record and increasingly unattainable heights). Most of these first-time home buyers were in Nova Scotia, New Brunswick and British Columbia.
STOREYS editorial team