A new RBC report suggests Canadians may not be facing home ownership owes after all. In fact according to the report Canada has one of the highest home ownership levels amongst the worlds most advanced economies.
"And the proportion of all Canadian households who own a home is one of the highest among advanced economies."
Canada overall has a home ownership rate of 67.8%, compared to 63.4% in the US. Toronto and Vancouver have home ownership rates of 66.5% and 63.7% respectively, pushing them ahead of cities like New York, Hong Kong, Dallas, Sydney, and Chicago. More surprisingly Toronto and Vancouver home ownership rates roughly double those of Paris, and Berlin.
The report also suggests that while Millenials face housing-related issues, home ownership amongst this group is higher in Canada than in other advanced countries. Home ownership rates for those under 35 are 43.1% in Canada versus 34.5% in the US. Even cities like Toronto and Vancouver beat-out the US average, coming in at 38.9% and 35.9% respectively.
So the take away here, is that while home ownership in Canada, and especially in Toronto and Vancouver, has been a concern lately, we still have a very healthy home ownership level.