B.C. leading the country as the province with the highest rate of unaffordable homes in 2021, StatsCan
Posted September 21, 2022 12:15 pm.
Last Updated September 21, 2022 12:16 pm.
British Columbia had the highest rate of unaffordable homes in the country in 2021, according to new data from Statistics Canada published on Wednesday.
The province also led the country with the most amount of renters.
Last year’s numbers are mostly attributable “largely to the number of people paying high rents to live in Downtown Vancouver,” StatsCan said.
The data shows B.C. had the highest unaffordability rate in 2021 at 25.5 per cent, followed closely by Ontario at 24.2 per cent.
B.C. also posted the third-largest homeownership decline over the last decade dropping from 70 per cent to 66.8 per cent.
StatsCan adds the province is also leading the country in the amount of renter households. Kelowna saw the largest increase, more than 54 per cent since 2011. While Nanaimo saw a 40 per cent increase.
The province also led the nation in the proportion of households that are renters, according to StatsCan.
The highest rise since 2011 was in Kelowna, at more than 54 per cent. While Nanaimo experienced a 40 per cent growth.
Related Articles:
-
Vancouver mayor promises to fill gap between police, social services if re-elected
-
Tough milestone for Vancouver renters
-
What do Vancouver voters want a month out from the civic election?
In 2021, 23.6 per cent of households in B.C. were condo owners, making it the province with the highest percentage. Vancouver had the largest share of condo dwellers at 32.5 per cent, topping all other census metropolitan areas in the province. Kelowna was next (23.4 per cent), then Abbotsford-Mission (22.2 per cent), Victoria (20.3 per cent), Chilliwack (19.8 per cent), Kamloops (16.9 per cent), and Nanaimo (14.3 per cent).
Household incomes have also reduced core housing needs over the last decade. Almost 1.5 million Canadians live in conditions defined as unsuitable, inadequate, or unaffordable.
Canada’s home ownership rate dropped almost three per cent since 2011. Falling from 69 per cent to 66.5 per cent.
–With files from the Canadian Press
