Statistics Canada
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Home ownership for young adults
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Some Canadians see buying a home as a good investment, as a form of forced savings or as a source of satisfaction in just being ‘at home.’ Whatever the motivation, becoming a homeowner is important for most.
A person’s primary activity in the labour market, living arrangements, age and place of residence are the key factors affecting the probability of young adults owning a home, according to the 2006 General Social Survey. Young adults over age 30 who had a permanent job for 12 months, who were married and had children, and who lived in a rural setting were the most likely to own a home.
Household income has the greatest apparent association with home ownership. In 2006, 22% of young adults with an income of less than $30,000 per year were homeowners, whereas 68% of those with an annual income of $50,000 to $80,000, and 82% of those with incomes of $100,000 or more, were homeowners.
Certain family characteristics are also associated with home ownership. In 2006, 79% of young adults who were married and had children owned their own home. Forty percent of young adults living alone were homeowners, and among lone parents 33% were homeowners.
Among young adults who had children and were part of a common-law couple, 63% owned their own home, a smaller proportion than that among young married adults with children. This might be partly because provincial rules on property ownership can be different for common-law couples than married couples. It is also possible that some common-law couples wait until they are married before buying a home.
