Age profile of homeowners relatively stable over generations, StatCan finds

More Canadians are owning homes later into life, according to a new report by Statistics Canada.

The study based on census information from 1971 to 2006 shows that more people buy homes as they approach the age of 40, but the rate of home ownership continues to climb after that until hitting a plateau as people reach retirement age.

Figures show the peak level of ownership is for people born during the Second World War, at 78 per cent; 73 per cent of those born during the 1910s bought houses.

The early baby boomers, those born in the late 1940s and early 1950s, achieved higher ownership rates before the age of 60 than earlier generations.

The agency said the home ownership rate starts declining when people reach their late 70s.

"The majority of seniors continued to receive services associated with home ownership for more than 10 years after the age of 65," the study found.

The study found family income played a role in home ownership, with increasing income responsible for some of the increases in ownership rates. The lower-income groups are less likely to own homes now than they were in 1971, the study shows, while those in the higher-income bracket are more likely.

Families with children were the most likely to own a home in 1971, a trend that continued into 2006, the study found, but the degree of difference in home ownership rates between families and childless couples, or single people, has declined in that period as those latter groups increased as a proportion of the population and bought more homes. The study also noted that adult children are more likely to remain in the home now than they were 35 years ago.

(Source: Financial Post/Vancouver Sun)