The practicality of home ownership has been a much-discussed topic across the country. Statistics Canada's new report on housing in Canada offers a new perspective on how Alberta's residential real estate market stacks up against other provinces. These statistics show that despite an overall decrease in home ownership across the country, Calgary was the fastest growing census metropolitan area between 2011 and 2016.
According to the census, 73 percent of Calgarians own their homes compared to 67.8 percent Canada-wide. Popular metropolitan areas trailing behind include Edmonton at 69.6 percent, Toronto at 66.5 percent, and Vancouver at 63.7 percent. Montreal was the lowest among census metropolitan areas at 55.7 percent, while Oshawa was ahead of Calgary at 77.8 percent.
Although Calgary's rate is the highest compared to others in this category, non-metropolitan areas have even higher rates of home ownership. Outside of census agglomeration areas, home ownership was 77.7 percent. Baby boomers are the generation most likely to own a home, a statistic that has not changed in the past decade. This explains why the overall statistics on residential real estate in Canada has not changed a great deal since 2006.
The future of these statistics will depend largely on buying patterns from younger Alberta residents and the selling patterns from the baby boomers. Calgary's statistics currently show growth and a younger generation willing to purchase a home, but exact results remain to be seen. Those looking to purchase or sell residential real estate in Alberta should be aware of provincial laws and contact a real estate lawyer to ensure everything is completed in line with provincial standards.
Source: Calgary Sun, "More Calgarians own homes than national average", Myke Thomas, Nov. 4, 2017