A new article from Statistics Canada highlights some of the key characteristics of homeowners in three provinces in 2018.
The analysis of homeownership in British Columbia, Ontario, and Nova Scotia found several trends including the greater likelihood that homeowners across the provinces were higher earners.
In fact, those who owned a property earned twice as much income as non-owners and were more likely to be employed in higher wage industry sectors.
First-time home buyers who claimed the home buyers’ amount (HBA) tax credit in 2017 earned higher income but owned lower valued properties than all other owners in British Columbia and Ontario.
The research also discovered that residential properties owned by the bottom 20% of income earners had the highest property value-to-income ratio (32.3) in the Vancouver CMA.
Those properties that were owned by the lowest income earners were more likely to be co-owned with non-residents of Canada. These properties also had higher value-to-income ratios than properties owned only by their residents.
The full article is available at https://www150.statcan.gc.ca/n1/pub/46-28-0001/2019001/article/00002-eng.htm
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