This group is seeing increased market influence despite accounting for a relatively small number of owners
Multiple-property owners possess nearly one-third of all residential properties nationwide, while the top 10% wealthiest owners account for around 25% of residential housing value, according to Statistics Canada.
This was most prominent in Nova Scotia and Ontario, where multiple-property owners held 41% and 31% of residential properties, respectively. In British Columbia, this demographic owned 29% of homes.
Despite accounting for a relatively small number of owners (15% in BC and 22% in Nova Scotia), the growing influence of multiple-property owners – who hold homes as rental assets, recreational properties, or for other investment purposes – is a major contributor to increased competition in already tight markets, StatCan said.
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Another disparity was found in the income distribution of owners. Across Canada, the top 10% of owners are estimated to earn more than the bottom 50% combined, StatCan said.
“The top 10% of owners in Ontario and British Columbia each had yearly incomes above $125,000. In the provinces of Nova Scotia, New Brunswick, Ontario, and British Columbia, the top 10% declared incomes totalling 29% (New Brunswick) to 35% (British Columbia) of the total income declared by all owners in those provinces,” StatCan reported.
The distribution of housing wealth among Canada’s owners exhibited a similar pattern.
“When ordering individual owners by the value of their real estate holdings, the top 10% owned between 24% (New Brunswick) and 29% (British Columbia) of the sum of all residential property values in each province,” StatCan said. “The bottom half of individual owners owned less than one-quarter in every province, ranging from 21% in Nova Scotia, to 24% in New Brunswick and Ontario.”
