Major Canadian cities may be struggling with affordability issues, but the rate of homeownership is among the highest in the world, according to a recent report by RBC.
The bank compared Vancouver, Toronto and Calgary to other global cities and found Canadian cities to have much higher homeownership rates than most, and around twice as high as Paris and Berlin (see graph below).
The report author, senior RBC economist Robert Hogue, added that more than 40% of Canadian households under 35 own their own homes.
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“Despite a notable decline in the past decade, the ownership rate among younger households [those under age 35] remains not only high historically in Canada but also compared to other countries, including the U.S.”
When comparing Canadian cities against the national homeownership rate of 67.8%, Metro Vancouver and Greater Victoria were below the average at 63.7 and 62.6% respectively. Calgary had the country’s highest rate at 73%. But even Metro Vancouver’s rate is higher than the whole of the U.S., at 63.4%.