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Home ownership rates in Canada down as market “locks out” younger generations

CA, 24 Sep 2022
New Canadian census data is shedding light on some housing and affordability trends. It’s revealing the rate of home ownership is declining in Canada.

The home ownership rate across the country fell to 66.5 per cent in 2021, which is down from nearly 70 per cent in 2011. In fact, young people aged 25 to 29 saw the biggest drop, from 44 per cent to 36 per cent.

Speaking with Global’s Anne Gaviola, co-host of The Peak Daily Brett Chang said this shows there are whole generations being “locked out” of the housing market, and often need some sort of parental financial support to purchase a home.

Plus, inflation has slightly cooled due to lower gas prices in August. The consumer price index is down, which is great, but inflation is still seeing record-highs.

And Tesla is set to unveil prototypes of humanoid robots, likely on Sept. 30. As Gaviola and Chang discuss, the company’s founder Elon Musk has said that he thinks one day, the company’s robot division could make profits higher than its electric vehicle division.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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