home ownership ontario

There are a staggeringly low number of young homeowners in Ontario

Even just existing in Ontario is expensive enough, and owning a home is completely out of the question for a large share of the population.

The rate of homeownership has been steadily climbing over the last two decades, rising 4.65 per cent since 2000 to 68.55 per cent just before the pandemic.

The just under one-third of Canadians who rent their homes were, unsurprisingly, concentrated in Ontario and British Columbia, the two provinces with the highest home prices.

A breakdown of homeownership rates by age group in Ontario underscores an overwhelming imbalance between the number of younger and older homeowners.

When you look at the 55+ age demographic's rate of homeowners versus non-homeowners, the numbers are a near-even split.

The 2,053,363 homeowners 55 and over in Ontario are just slightly overshadowed by the 2,233,408 non-homeowners, representing a period in life when many sell their homes for more age-appropriate accommodations.

The 35-to-54 age bracket is the most established among homeowners, with 1,380,254 compared to 2,002,721 non-homeowners, for an impressive 68.91 per cent. But we always knew the boomers had it easy.

But the picture is nowhere near as rosy for the 18-to-34 demographic, with just 319,295 homeowners versus a whopping 2,481,539 non-homeowners. That means a staggeringly low 12.86 per cent of millennials own a home in Ontario, with 87.14 per cent renting.

Though the national rate of home-ownership is relatively high, rising home prices in Ontario's hottest housing markets are only making it harder to put a roof over your head.

And those renting in hotspots like Toronto don't have things much easier, with sky-high lease rates and stagnant wage growth putting the pressure on renters.

The sheer number of young renters in Ontario, unable or unwilling to buy a home in this ballooning market, could be a factor in the upcoming provincial election.

A decent share of the almost 2.5 million non-homeowners aged 18 to 34 must be at least a little bit pissed off at the housing situation in the province.

Lead photo by

alex_virt


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