Home sales in the Greater Toronto Area (GTA) expected to weaken for the rest of 2023.
Affordability barriers have caused delays in home purchases for 67% of millennials.
Homeownership rates are highest among Canadians aged 65 to 69, with rates increasing among those aged 75 to 84.
Major markets, such as Quebec, British Columbia, and Nova Scotia, have experienced significant drops in homeownership rates.
Rapid price acceleration in British Columbia has contributed to a decline in homeownership rates.
Ontario has seen the largest increase in average home prices, while homeownership rates have dropped.
Provinces with more affordable housing markets have higher rates of homeownership, with Newfoundland and Labrador having the highest rate.