Nearly 1 in 5 Toronto homeowners own at least two residential properties
A disturbing new report from The Globe and Mail based on Statistics Canada data reveals that 17 per cent of all Toronto homeowners have at least two residential properties in their portfolio.
Meanwhile, per the last federal census, 33.5 per cent of Toronto residents don't own any homes at all.
While the comparison between these two numbers isn't entirely precise — one set of data is from 2019, the latter from 2016 — the figures suggest what many in this city already know to be true: Home ownership is a lot more accessible to people who are already wealthy.
New numbers from the Canadian Housing Statistics Program also prove that younger people face the most barriers in Toronto right now when it comes to securing their own homes.
"Canadians younger than 35 accounted for the smallest share of property owners by age group, ranging from 9.4 per cent in Nova Scotia to 11.4 per cent in Ontario in 2019. This was well below their share in the total Canadian population," reads a StatsCan release from March 18.
"In the census subdivision of the City of Toronto, those younger than 35 accounted for 11.5 per cent of individual homeowners in 2019."
The release notes that Ontario municipalities in which homeownership rates were a bit higher for people under 35, such as New Tecumseth (18.4 per cent) and Bradford West Gwillimbury (17.3 per cent), "are located more than 50 kilometres from downtown Toronto."
Unsurprisingly, the newly released data sets also show that people who own multiple properties in Ontario and B.C. have higher median incomes compared to those who own only a single residence.
The average income for a multiple-property owner was $65,000 in 2019 — or $75,000 for men, who represent 50.8 per cent of the group, and $55,000 for women. The median age of someone in Ontario with multiple homes was 55.
People in Ontario who own just one home, conversely, were found to have an average income of $50,000 ($60K male, $45K female) and a median age of 53.
In the City of Toronto proper, the median age of a multiple homeowner remains 55, with an average income of $70,000 ($80K for men, who comprise 48.1 per cent of the group, and $60K for women.)
What's interesting here is that single-property owners in Toronto have nearly identical incomes to those who own just one house elsewhere in Ontario.
The median total assessment value of their property, however, is nearly double that of homeowners outside Toronto. And the difference in assessment values between single and multiple homeowners across Ontario is similarly stark.
"In Ontario ... the median total assessment value of the properties of multiple-property owners was over twice that of the properties of single-property owners," notes the StatsCan report, which calculates the residential assets held by multi-home owners at 114.4 per cent that of single-home owners.