Home ownership hits record high
The Canadian Press
Canada has become a nation of home owners, according to the Bank of Nova Scotia.
A new Scotiabank report says a record 68.4% of Canadian households owned their homes in 2006 and the number likely edged up even further in 2007.
That is a significant increase from the 63.6% that owned their own homes a decade earlier.
As well, nine per cent of Canadian households now own a second home, such as a cottage, resort condominium or other vacation residence, up from seven per cent in 1999.
Scotiabank analyst Adrienne Warren says part of the trend toward home ownership stems from the baby boom generation entering peak home-buying years of 45 to 64.
But she adds other age groups have also seen a pick-up in home ownership.
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