A new report released today by Mustel Group and Sotheby’s International Realty Canada reveals the impact of rising housing costs on young families across the country’s major metropolitan real estate markets, highlighting the significant contrast between the home ownership aspirations and realities of this demographic.
The impact of steep housing affordability challenges on young families in Vancouver are clearly reflected in Mustel Group/Sotheby’s International Realty Canada survey results. While 78% of young Vancouver families would prefer single family home ownership if budget were not a consideration, actual single family home ownership is the lowest of Canada’s largest metropolitan areas. 46% of modern family homeowners bought a single family home, while ownership of higher-density housing is more common in Vancouver than in other regions at 27% for condominiums, and 27% for attached/duplex/triplex/multiplex units.
About this release:
The results are based on an online study conducted from August 9th to September 6th, 2018. A total of 1,743 “modern families” were surveyed, using a disproportionate sampling method to enable analysis within each metropolitan area, as well as across the combined metros (Census Metropolitan Areas, CMAs). The data has been statistically weighted to match Canada census on the basis of age, household income and home ownership within each CMA and to bring the total sample into proper proportion based on relative populations.
The margin of error on a random probability sample of 1,743 respondents is ±2.3 percentage points, 19 times out of 20, and ranges from ± 3.5 to 4.9 points for 400-800 respondents.