Canada's Home Ownership Rate Declines

According to an article on the HuffPost todays young Canadians are less likely to own a home than their parents did at the same age.

The latest census figures show that at 30 years of age, 50.2 percent of millenials own homes, down from 55 percent of their baby boomer parents. Todays young adults are more likely to live in appartments or at are still at home with their parents. And those that do own, are more likely to be in multi-unit properties than single detached homes.

 

Home affordability is a major factor in this change and this keeps many renters, renting.

Does your Real Estate business strategy accomidate this trend? Do you have plans to reach the millenials. Do you have a strategy that includes renters?

If the market change is causing you to consider your options, contact us to see how we can help.