Home prices aren’t the only aspect of the housing market waning these days.
For the first time in over 45 years homeownership rates are also on the decline in Canada.
The share of homeowners is dropping in 11 of 13 provinces and in 88 of the country’s largest 100 cities, according to an analysis conducted by Point2 Homes based on 2016 Statistics Canada data.
The national homeownership rate has risen steadily for four decades, rising from 60.3% of the population in 1971 to a high of 69% in 2011. In 2016, the homeownership rate fell to 67.8%.