Many homeowners in Canada’s three largest cities own multiple properties
Published July 29, 2021 at 3:55 pm
According to a recent survey, many homeowners in large metropolitan areas own multiple homes.
The survey, conducted by Royal LePage, found that 14 per cent of homeowners in Greater Vancouver (GV) own multiple properties, as do 13 per cent of homeowners in the GTA, and 12 per cent of homeowners in the Greater Montreal Area (GMA).
Of those who own multiple properties, 40 per cent of homeowners in GV and the GTA used the equity from their first property to purchase their second, as did 21 per cent of homeowners in the GMA.
Additionally, 65 per cent of secondary property owners in GV, 64 per cent in the GTA, and 35 per cent in the GMA use their second properties as income properties at least some of the time.
In the GTA, 49 per cent of those who own multiple properties use their second exclusively as a rental property, while 27 per cent said they were not collecting any rental income at all, 15 per cent said they were using their second property some of the time and renting it some of the time, and seven per cent said their second unit was vacant.
Further, 18 per cent of homeowners in the GTA between the ages of 18 and 35 currently own more than one property, while 11 per cent of homeowners over the age of 35 own more than one property.
“While some secondary properties are used for recreational purposes, many of these homes are foundational to Canada’s critical supply of rental housing,” Phil Soper, president and CEO of Royal LePage, said in a news release.
“Entrepreneurial landlords supply housing to the thirty per cent of Canadians who rent, be they new immigrants, students, young people entering the labour force, or those who cannot or choose not to own their home,” he continued.Insauga's Editorial Standards and Policies