The least socially motivation form of uncompromising is most of the time aimed at people that rent as opposed to those owing a home.
And with the rising housing prices, Canadians need to be more accommodating with regards to renters as its quite normal for majority of people to rent as they cannot afford to buy a house. This especially is said for first time home buyers who are challenged with stiff mortgage rules that prevent them for getting a home of their own.
Canada has the highest rate of home-ownership with a 69% in the most recent national household survey for Statistics Canada for 2011.
But the government is tightening up this possibility by increasing on mortgage taxes and this in the future will result to an increase in the number of Canadian renters. As home prices continue to rise, the rate of home-ownership continues to drop.
The reason why Toronto and Vancouver home prices are increasing is a result of the desire of most investors and career oriented people to reside in these top cities. This warrants for the economic fundamentals that give rise to expensive houses.
It’s a common sight to have people living in big cities and technology hubs to rent properties instead of buying. Statistics prove that Toronto and Vancouver have a home ownership rate of 68.3% and 65.5% respectively according to information from the Canada Mortgage and Housing Corporation.
Although those are high rates, they are however not compared to the higher rates in areas such as St. Catharines, Ontario where rates are 74.5%, or in Saint John at 71%.
However home ownership is mostly relevant in areas where people are mostly concentrated and can get a home at a reasonable price.
There is an outdated saying that states that a house is financially feasible when the cost of the home is three times more than a family’s household income.
But in the Toronto and Vancouver markets where most people cannot afford to own a home, they have other options to choose from. They can either rent in the suburbs or share home with friend and family members. For many though, they will rather rent and its quite a wise decision and even though rent prices in the hot cities are also high, they cannot be compared to the price of owning a home. In the long run, money saved for renting can be use to established a worthwhile investment.