Home ownership declined in Kelowna, and other large Canadian cities

Home ownership declined in Kelowna, and other large Canadian cities

Homeownership in Canada has declined for the first time in almost half a century.

  • Sep. 17, 2018 9:30 a.m.

After hitting a record high in 2011, homeownership in Canada has declined for the first time in almost half a century.

Taking a closer look at the data and zooming in at city level, Point2 Homes put together a new study highlighting the evolution of homeownership rates in Canada’s 100 biggest urban centres.

Kelowna’s share of homeowners changed throughout the years, from 67.5 per cent in 2001 to 72 per cent in 2006, then 71.6 per cent in 2011, and 68.1 per cent in 2016.

The city recorded a 4.9 per cent drop in homeownership after 2011 – the 6th biggest decline in Canada and the 3rd largest in BC, after Nanaimo and Abbotsford.

READ MORE: MARKET SHOWS POSITIVE SIGNS

From 2001 to 2016, Kelowna posted only a slight 0.9 per cent decrease in the percentage of homeowners.

Rates were similar in Vernon, where ownership rates dropped from 72 per cent in 2011 to 68 per cent in 2016.

Point2 Homes argues that the evolution of Canada’s homeownership trend is due to the burst of China’s speculative bubble. It, they say, sent shock waves through the global economy, according to a 2015 analysis by Maclean’s, with especially large effects on Canada’s resource-based, export-driven economy.

The collapse of oil prices and the country’s heavy reliance on exports to its Asian partner pushed Canada into a recession. The ensuing economic deceleration affected wages, hence lowering people’s purchasing power. Home prices, however, kept going up, leading to the decline in homeownership rates revealed by the 2016 Statcan numbers.

Point2 Homes is an international real estate search portal, a division of Yardi Systems Inc. Read the original report here.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Kelowna flags were flown at half-mast after the discovery of a residential school burial site in Kamloops. (File photo)
Central Okanagan school board chair reflects on recent tragedies

Moyra Baxter offers condolenses to residential school victims, slain Muslim family

The Great Ogopogo Bathtub Race has been held in Summerland as a fundraising event. Do you know which Canadian city introduced this sport? (Black Press file photo)
QUIZ: A summer’s day at the water

How much do you know about boats, lakes and water?

The RCMP presence in Central Okanagan public schools is being reviewed by the board of education. (File photo)
RCMP presence welcomed in Central Okanagan public schools

Staff survey feedback overwhelmingly positive from students, staff and parents

At an outdoor drive-in convocation ceremony, Mount Royal University bestows an honorary Doctor of Laws on Blackfoot Elder and residential school survivor Clarence Wolfleg in Calgary on Tuesday, June 8, 2021. THE CANADIAN PRESS/Jeff McIntosh
‘You didn’t get the best of me’: Residential school survivor gets honorary doctorate

Clarence Wolfleg receives honorary doctorate from Mount Royal University, the highest honour the school gives out

Jane Linden
KCR: Volunteering keeps you active

Kelowna Community Resources shares stories of its volunteers in a weekly column

Two-year-old Ivy McLeod laughs while playing with Lucky the puppy outside their Chilliwack home on Thursday, June 10, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: B.C. family finds ‘perfect’ puppy with limb difference for 2-year-old Ivy

Ivy has special bond with Lucky the puppy who was also born with limb difference

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A million-dollar ticket was sold to an individual in Vernon from the Lotto Max draw Friday, June 11, 2021. (Photo courtesy of BCLC)
Lottery ticket worth $1 million sold in Vernon

One lucky individual holds one of 20 tickets worth $1 million from Friday’s Lotto Max draw

“65 years, I’ve carried the stories in my mind and live it every day,” says Jack Kruger. (Athena Bonneau)
‘Maybe this time they will listen’: Survivor shares stories from B.C. residential school

Jack Kruger, living in Syilx territory, wasn’t surprised by news of 215 children’s remains found on the grounds of the former Kamloops Indian Residential School

A logging truck carries its load down the Elaho Valley near in Squamish, B.C. in this file photo. THE CANADIAN PRESS/Chuck Stoody
Squamish Nation calls for old-growth logging moratorium in its territory

The nation says 44% of old-growth forests in its 6,900-square kilometre territory are protected while the rest remain at risk

Flowers and cards are left at a makeshift memorial at a monument outside the former Kamloops Indian Residential School to honour the 215 children whose remains are believed to have been discovered buried near the city in Kamloops, B.C., on Monday, May 31, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Pick a Sunday:’ Indigenous leaders ask Catholics to stay home, push for apology

Indigenous leaders are calling on Catholics to stand in solidarity with residential school survivors by not attending church services

Most Read