Statistics Canada just released more data about the owners of residential properties in Ontario’s Census Metropolitan Areas. There’s quite a bit to read through, but don’t worry, we did it for you. Read on for a few of the highlights from the report.
When it comes to individual residential owners, women lead the way. Of all the individual owners in Ontario, 52.4% are women. The percentage is down to 51.4% when it comes to detached homes and 57.3% for condos.
In Toronto CMA, 52.2% of individual detached home owners are women, the share is greater at 56.5% among individual condo owners. Clearly, women are a driving force in the condo market.
The same can’t be said about people under the age of 35. Only 9.6% of residential owners in Ontario are under 35 years old. The home type with the greatest share of younger owners is rowhouses (14.6%).
When it comes to condo ownership, 13.9% are under 35. As expected, the share decreases with semis (11.4%) and detached homes (8.5%). At least in Toronto CMA, it’s more likely to see a young condo owner (15.5%).
The new condo market may be hot in the Greater Toronto Area, but nearly two-thirds of all residential properties in Ontario are detached homes. In the GTA, new single-family home sales were pretty low in May 2018. It’s unclear whether Statistics Canada takes preconstruction data into consideration.
36% of the province’s residential properties are located in Toronto CMA, and 53% of them are detached homes. 70% of the province’s condos are in Toronto CMA, and 20.7% of all the residential properties in Toronto CMA are condos.
Those of you who believed the non-resident tax would have a significant impact on the housing market, you may want to take a look at these figures. Non-residents own just 2.3% of the residential properties in Ontario. Among detached home owners, only 1.6% are non-residents, and with condos, the share is greater at 5%.
In Toronto CMA, the share of non-resident owners jumps slightly to 3.9%, but the share is well below 2% in all other CMAs. Kingston and St.Catharines-Niagara are the only other CMAs with non-resident ownership share above 2%, and it’s largely due to these areas being popular weekend getaway spots.
Another interesting find regarding non-resident owners is the fact that their properties are valued higher than resident-owned properties. The average value of a detached home owned by a non-resident is $984,000, about $144,000 higher than a resident-owned detached home. The average value of a condo owned by a non-resident is $426,000, a whopping $36,000 above the average value of a resident-owned unit.