Thanks to a recent Canada-wide survey by RE/MAX, we’re getting greater insight into Canada’s real-estate market and being a homeowner. The survey asked Canadians about their housing situations, purchasing prospects and household incomes, illuminating buying and selling trends across the country. Take a peek at the highlights from this comprehensive report and see what sways a Canadian homeowner these days.
A lot of Canadians are homeowners — 66 per cent of them, according to a recent RE/MAX survey. Alberta has the highest number of homeowners at 78 per cent, while Quebec holds the lowest, with 60 per cent of residents owning.
Mind the age gap
The findings in the RE/MAX Omnibus survey point to a clear trend when it comes to the age of homeowners across Canada. Only 45 per cent of Canadians aged 18 to 34 are homeowners, but that number jumps to 79 per cent for people over 65.
It’s not too surprising that household income plays a huge role in whether Canadians own their home. Of those who make $80,000 per year or more, 86 per cent are homeowners. Time to ask for that raise!
Say I do
There is something in the power of wedding vows that gives couples buying power in Canada — or maybe it’s the combined income? Seventy-eight per cent of married people are homeowners, compared to only 46 per cent of singles.
This survey didn’t just report on buying trends across the country, it also looked at the rental market and who’s renting what. The results reveal that 28 per cent of Canadians are renters, with 17 per cent of them opting for a condo or apartment.
While most homeowners are over 65, the reverse is true when it comes to looking at who’s renting and their age. Thirty-nine per cent of Canadian renters are between the ages of 18 and 34, while just 19 per cent are over 65.
Nearly half of Canadians are hoping to jump into — or reinvest in — the real-estate market in the next five years. Albertans are the most gung-ho about home buying (60 per cent), while Atlantic Canadians are less likely to purchase a home (38 per cent).
With so many young people renting, it’s not too surprising that they’re going to be the next wave of potential homeowners. With 72 per cent of Canadians aged 18 to 34 looking to buy in the next five years, they’re who to look out for.
New OSFI mortgage regulations come into effect Jan. 1, 2018, and they will change the qualifying rate for people putting down 20 per cent. Only 58 per cent of people surveyed knew about the new rules, so you’ll definitely want to see if this will affect your home-buying power.
According to the RE/MAX survey, a family with young children is much more likely to think about buying a home than one without. In fact, 56 per cent of them will look into home ownership compared to 44 per cent of households without kids.
Gimme one reason
There are many reasons why Canadians decide to buy a home, but this survey has pinpointed the top three. First is upgrading their current home, second is getting a starter house, and third is up-sizing because of family changes.
All the right places
Eight out of 10 Canadians agree what features are the most important when looking for a new home. We’re all about the outdoors since number one is living close to green spaces and number two is having a backyard. The final must-have feature for 81 per cent of Canadians is having a spare room, proving we really are a hospitable bunch.