Home ownership rates in Canada down as market “locks out” younger generations

Home ownership rates in canada down as market “locks out” younger generations

Global News published this video item, entitled “Home ownership rates in Canada down as market “locks out” younger generations” – below is their description.

New Canadian census data is shedding light on some housing and affordability trends. It’s revealing the rate of home ownership is declining in Canada.

The home ownership rate across the country fell to 66.5 per cent in 2021, which is down from nearly 70 per cent in 2011. In fact, young people aged 25 to 29 saw the biggest drop, from 44 per cent to 36 per cent.

Speaking with Global’s Anne Gaviola, co-host of The Peak Daily Brett Chang said this shows there are whole generations being “locked out” of the housing market, and often need some sort of parental financial support to purchase a home.

Plus, inflation has slightly cooled due to lower gas prices in August. The consumer price index is down, which is great, but inflation is still seeing record-highs.

And Tesla is set to unveil prototypes of humanoid robots, likely on Sept. 30. As Gaviola and Chang discuss, the company’s founder Elon Musk has said that he thinks one day, the company’s robot division could make profits higher than its electric vehicle division.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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About This Source - Global News

Global News is the news and current affairs division of the Canadian Global Television Network, based in Vancouver, Canada.

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Canada is a country in the northern part of North America. It extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles), making it the world’s second-largest country by total area.

Its southern and western border with the United States, stretching 8,891 kilometres (5,525 mi), is the world’s longest bi-national land border. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.

Various Indigenous peoples inhabited what is now Canada for thousands of years before European colonization. The Canada Act 1982, which severed the vestiges of legal dependence on the British Parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with a monarch and a prime minister who serves as the chair of the Cabinet and head of government.

As a highly developed country, Canada has the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index. Its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks.

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A census is the procedure of systematically enumerating, and acquiring and recording information about the members of a given population. This term is used mostly in connection with national population and housing censuses; other common censuses include agricultural, traditional culture, business, supplies, and traffic censuses.

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