April 28, 2021, by Kerry Gold
New data released by the Canadian Housing Statistics Program show that one in five City of Vancouver property owners own more than one property, with similar levels in Toronto.
20% of homeowners in the City of Vancouver own more than one property. For the wider Census Metropolitan Area, the figure is 16.4% â€“ a number matched in the Toronto CMA. In the City of Toronto, 17% of homeowners own two or more properties.
In Metro Vancouver, multiple homeowners (MHOs) are most concentrated in the Village of Anmore (north of Port Moody), with 31.8% owning more than one property. In West Vancouver, 27.2% of homeowners belong to the MHO club, as do 27.2% in Lions Bay. One in four homeowners in Belcarra belong to the club.
A report done in 2018 by the CHSP showed that 268,670 homeowners in B.C. owned two or more properties. Of those, 62,570 owned three or more properties.
â€œWhile high house prices exclude a growing group from access to decent and affordable housing, the number of households that own more than one property â€“ and thus become multiple property owners â€“ is also on the rise.â€ David Hulchanski, Urban Planning Professor at the University of Toronto.
The CHSP, part of Statistics Canada, relies in part on tax information provided by the Canada Revenue Agency; so once tax returns are completed for 2020, the CHSP will begin analyzing data for the pandemic year. The data used here was obtained in 2018 and 2019, the most recent available.
What does this mean?
This article is fascinating, even enlightening, but you may have no idea what to do with the information it provides.
Itâ€™s dangerous to load up on knowledge and move without the practical wisdom to act.
Every week, our coaches post real estate insights and stories from the streets. They unpack real deals, breaking down the numbers, and highlight trends that their clients are making money off of.
Their wisdom is freely available to you right here.
Sign up for the iWIN Real Estate Newsletter now so you never miss the practical wisdom we are already sending to thousands of investors in Ontario.