+1 (647) 833 1171 info@lisbethherrera.com

A new Statistics Canada article highlights some of the key characteristics of homeowners in three provinces in 2018.

The analysis of home ownership in British Columbia, Ontario and Nova Scotia found several trends, including the increased likelihood of homeowners in these provinces earning higher incomes.

In fact, those who owned property earned twice as much income as non-owners and were more likely to be employed in higher-paid industry sectors.

Homebuyers for the first time who claimed the tax credit for the amount of homebuyers (HBA) in 2017 earned higher income but owned lower value properties than all other homeowners in British Columbia and Ontario.

The investigation also found that residences owned by the lowest 20% of those who received income had the highest value / income ratio of property (32.3) in the CMA of Vancouver.

Properties that belonged to those with the lowest income were more likely to be shared with non-residents of Canada. These properties also had a higher value / income ratio than properties that are only owned by their residents.

Do not hesitate to contact me if you have any questions regarding the real estate market in Toronto and the GTA, and if you want to read the full article, click here.