Canadian Home Builders’ Association Reacts to Declining Homeownership Rates in Canada
OTTAWA, ON – September 21, 2022 – The Canadian Home Builders’ Association (CHBA) was not surprised today by the 2021 census numbers related to housing and homeownership. The numbers show a continued decline in homeownership rates in Canada from 69.0% in 2011, to 67.8% in 2016 and 66.5% in 2021.
“Unfortunately, these numbers come as no surprise considering the housing affordability crisis caused by chronic lack of supply caused from decades of under building, increasing development taxes, and other factors that have deteriorated affordability and made it harder to own a home. Today’s census numbers reinforce the need for all levels of government to take action to address housing affordability and market-rate housing supply—this is particularly true for municipalities, who are key in unlocking more supply,” said Kevin Lee, CEO of CHBA.
As the next generation finds it harder and harder to enter the ranks of homeownership, the census data also showed that young millennials aged 25 to 29 years are significantly less likely to own their own home (dropping from 44.1% in 2011 to 36.5% in 2021). The growth in renter households (+21.5%) outpaced the growth of owner households (+8.4%) by more than double, another indicator of how difficult it is for many Canadians to enter the housing market.
“CHBA remains actively involved in advocating for increased market-rate supply, reducing development taxes, and reducing government-imposed costs from burdensome regulation to help address affordability issues. Robust market-rate housing options, and diverse pathways to homeownership, supported by sound mortgage policies are needed to assist Canadians to move along the housing continuum,” added Lee.
CHBA looks forward to the federal government’s release of the details of the Housing Accelerator Fund (HAF). The proposed plan is intended to incent municipalities to boost market-rate supply and remove some of the barriers to getting that supply online faster and is expected to include support such as an annual per-door incentive for municipalities, or up- front funding for investments in municipal housing planning and delivery processes that will speed up housing development.
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MEDIA INQUIRIES
Journalists wishing to interview Kevin Lee, Chief Executive Officer of the Canadian Home Builders’ Association are encouraged to submit their request by email to media@chba.ca.
ABOUT THE CANADIAN HOME BUILDERS' ASSOCIATION
Since 1943, the Canadian Home Builders' Association (CHBA) has been "the voice of Canada's residential construction industry." Representing one of the largest industry sectors in Canada, our membership is made up of some 9,000 companies – including home builders, renovators, land developers, trade contractors, product and material manufacturers, building product suppliers, lending institutions, insurance providers, and service professionals.