Interest from investors and other multiple-property owners is helping ramp up demand in already-tight real estate markets, says Statistics Canada.
Nearly a third of Ontario’s housing wealth has been held by individuals who own multipleaccount for just 15.5 per cent of homeowners, new data from Statistics Canada suggests.
It suggests that 28 per cent of housing wealth in Ontario was held by the top 10 per cent wealthiest owners as of 2020 — while the bottom 50 per cent of homeowners held 24 per cent of the province’s residential real estate value.owners such as government entities meanwhile owned nine per cent of the province’s housing wealth — despite representing just 1.6 per cent of the owner market.
But in its release Tuesday, the agency also cautions against drawing conclusions about the direct impact of those multi-property holdings on home affordability, noting that a variety of factors influenced real estate prices that had not been “fully assessed” with the new data set. Multi-property ownership can include anything from a prolific real estate investor to a family that owns a recreational property like a cottage — though Statistics Canada data from 2018 has previously suggested the most common arrangement in Toronto is owning two single-detached houses, followed by one house and one condo. Most owners lived in the same census subdivisions as their other properties, which suggested those homes were used as rentals.
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