Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Children of homeowners more likely to buy homes

December 29, 2023



House and condominium apartment prices have increased markedly in recent years. There are various reasons why younger Canadians are able to buy homes, and one of them is what some call the "Great Wealth Transfer."
A recent study by Statistics Canada found that financial help from parents is one of the reasons why the adult children of homeowners are more likely to own homes compared to those whose parents don't own homes. Other factors include having better connections in social networks and reaching higher levels of education, leading to higher incomes for the adult children of homeowners.
In 2021, adult children (millennials and Generation Z individuals born in the 1990s) of homeowners were twice as likely to own homes compared to the adult children of non-homeowners. Specifically, the home ownership rate was 17.4 per cent for adult children of homeowners and 8.1 per cent for adult children of non-homeowners.
If the parents owned multiple properties, their adult children were nearly three times more likely—with a home ownership rate of 23.8 per cent—to be homeowners in 2021 than the adult children of non-homeowners.
Even when considering factors like adult children's income, age, and province of residence, the positive connection between parents' property ownership and their adult children's likelihood to own a home remained. These findings highlight a link between parents' housing wealth and their children's ability to become homeowners.
Visit Statistics Canada website for full report.


 


homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue