Did You Know? Interesting Facts About Canada's Housing Market
Each year, the Canada Mortgage and Housing Corporation (CMHC) releases a detailed annual review on the state of housing in Canada known as the Canadian Housing Observer. The Observer examines housing conditions and developments that may impact financing and real estate markets, as well as unique insight into Canada’s residential mortgage practices and trends.
The 2013 Observer examines important housing highlights including:
• Who do you think makes up the majority of Canada’s condo owners? According to the 2011 National Household Survey, women made up 65 per cent of condominium owner-occupants who lived alone, including 76 per cent of those aged 55 and older. 19 per cent of condominium owners were under the age of 35 and 29 per cent were seniors 65 or older.
• More homeowners live alone today than ever before. Solo homeowners accounted for 28 per cent of households in 2011, more than double their share in 1971. Households in Canada continue to get smaller, shrinking from an average of 3.5 persons in 1971 to 2.5 in 2011.
• We are growing! Household formation is the principal driver of the demand for new housing construction. By 2036, between 3.6 million and 7 million new households are projected in Canada.
• There’s just enough to go around. The inventories of completed and unoccupied housing units per 10,000 people, at 4.7, remain close to the historical average of 4.6, suggesting that the housing market is not oversupplied at the national level.
• Homeowners are buying homes that they can afford. The rate of Canadian residential mortgages that were three months or more in arrears continued to trend downward; declining to less than one-third of one per cent in June 2013, compared to the average of 0.41% in 2011.
The Observer also enables readers to access a wide array of online statistical information on housing conditions from national, regional and local perspectives.
online publication and data are available at www.cmhc.ca/observer.
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