this post was submitted on 14 Jun 2024
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Canada’s rich getting richer, StatCan report finds, with 90% of Canadian wealth now in the hands of homeowners (www.thestar.com)
submitted 9 months ago by [email protected] to c/[email protected]
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https://archive.ph/JxZih

Also the source data since news articles seem to hate including them: https://www150.statcan.gc.ca/n1/daily-quotidien/240613/dq240613a-eng.htm

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[–] [email protected] 8 points 9 months ago* (last edited 9 months ago) (20 children)

I don't get the rich getting richer in the title, how does owning a home (for the vast majority of people, on a mortgage) make someone rich? About 65% of the Canadian population are homeowners. 65% of the population owning 90% of the wealth isn't that surprising or that wrong. What's truly wrong is numbers like 1% of the population owning 30% of the total wealth in the US.

It's always the homeowner boogeyman when in reality the problem comes from the government spending money wherever and not applying strict foreign home purchasing laws that keep increasing home prices. People who own one or two houses are not rich and are very unlikely to drive a Porsche, and even there, if it is an individual who owns that property, that person will have to pay their fair share of taxes on their income and property taxes.

[–] [email protected] 8 points 9 months ago (5 children)

65% of the Canadian population are homeowners

This is StatCan's explanation of the number you're referring to: .

While people somewhat loosely use that number for home owners I believe it a highly inaccurate phrasing of the statistic. The statistic is owner-occupied homes.

It’s always the homeowner boogeyman when in reality the problem comes from the government spending money wherever and not applying strict foreign home purchasing laws that keep increasing home prices.

And they're the people who keep advocating for these governments. For the record I don't think you can find me ever saying that homeowners or even landlords are bad people just because of those characteristic, however it's clear our interests do not align.

pay their fair share of taxes

The fair portion is what's up for dispute right now.

[–] [email protected] 1 points 9 months ago (1 children)

Am I reading this right in that it’s a percentage of homes (dwellings) occupied by the owner compared to the percentage of people that own their home? Like if you have a family of 4 in a house and they rent out a (legal) basement suite to two individual renters, is that counted as one owner-occupied dwelling out of two dwellings on the property; (50% homeowner occupied or 100% homeowner occupied. Compared again to say having 6 people, of which one or two(is that family of 4 a couple or single parent) are homeowners.

[–] [email protected] 1 points 9 months ago

Yes, the number is 66.5% of households in 2021 is occupied by the owner. Any phrasing regarding people is a loose interpretation of the statistic.

https://www150.statcan.gc.ca/n1/daily-quotidien/220921/mc-b001-eng.htm

Note(s): Proportion of all households that are owner occupied.

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