Home Ownership Reaches All-Time High

Posted in Real Insights | June 15, 2008

Did you know home ownership rates have reached a record high in Canada? Census data from 2006 shows that 68.4% of Canadians own their home, vs 65.8% in 2001 and 60% in 1971. Low interest rates and strong employment rates helped to spur this growth, in spite of rising house prices. While carrying costs increased alongside house prices, there has been no upswing in arrears or defaults. The forecast is for growth in house prices to moderate while interest rates remain relatively stable. This will continue to support home ownership in Canada.