Homeownership in Ontario is like a double rainbow — it exists but you don't see it every day.
Based on numbers from Statistics Canada, only 319,295 (11.4%) of young adults aged 18 to 34 years old in Ontario own a home.
This means 88.6% of young adults in that age bracket are not homeowners, leaving a total of 2,481,539 people renting or in other living situations.
"Over the last 20 years, the home-ownership rate in Canada has steadily increased, rising from 63.9 per cent in early 2000 to 68.55 per cent before the coronavirus pandemic," according to the report.
However, most renters in Canada are "concentrated in two provinces: Ontario and British Columbia."
The next age group up has a significant jump in homeownership with 40.8% of Ontario adults 35 to 54 years owning homes.