A record number of Canadian households have taken advantage of improved affordability and now own their own homes, according to the latest Real Estate Trends, released today by Scotia Economics. « Given the strength of new and existing home sales over the past three years and the steady rise in the rental vacancy rate, we estimate that Canada’s home ownership rate is now hovering just over 67%, up from 65.8% in 2001, » says Warren Jestin, Chief Economist, Scotia Economics. « This adds close to half a million more households to those who own their homes and builds upon the almost 750,000 new owner households that emerged over the 1996-2001 period. » The report notes that part of the rise in home ownership reflects the aging of the population. In fact, homeownership rates have been increasing steadily over the past three decades as Canada‘s large « baby boom » generation made the transition from renters to owners. These « boomers », today in their 40s and 50s, are now in their prime homeowning years. « However, this is only part of the story, as age-specific ownership rates increased in all major age groups between 1996 and 2001, a trend we expect has continued over the past several years, » says
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