2006 Census: Changing patterns in Canadian homeownership and shelter costs
More homeowners with a mortgageThat's 3.5 million mortgage free households of out of 12.4 million total households. Putting the mortgage free/rent free at 28.2%
Nearly 6 out of every 10 households that owned their home had a mortgage in 2006.
Of the 8.4 million households that owned their dwelling in 2006, 4.9 million, or 57.9%, had a mortgage, the highest level since 1981 when baby boomers were entering the housing market. This was an increase from 55.2% in 2001. At the same time, the proportion without a mortgage fell from 44.8% in 2001 to 42.1% in 2006.
Most of the increase in the proportion of households with a mortgage was due to renters moving into homeownership, but some can only be accounted for by homeowners taking on new mortgages or adding to existing ones, possibly to finance renovations or other large purchases.
Provincially, Alberta had the highest proportion of households with a mortgage (62.1%) and Newfoundland and Labrador had the lowest proportion (44.8%).
In the most recent CAAMP survey there is this:
Profile of Mortgage HoldersIf the homeownership rate is 70%, that means there are now 3.75 million mortgage free households out of 13.5 million total households. Putting the mortgage free/rent free percent at 27.8%
There are currently about 9.45 million home owners in Canada, of whom about 5.7 million have mortgages. An estimated 3.75 million home owners are mortgage-free, although they may have other forms of debt.
Based on the CAAMP data, at least, the number has not declined significantly. The next census will be a better comparison.
Added: Later on in the CAAMP report is this little bombshell.
Some of the mortgage-free home owners (750,000 to 800,000) have Home Equity Lines of Credit (known as “HELOCs”).Some? 21% is not some. It's a significant minority.