Canada’s rich getting richer, StatCan report finds, with 90% of Canadian wealth now in the hands of homeowners
Canada’s rich getting richer, StatCan report finds, with 90% of Canadian wealth now in the hands of homeowners
The gains are not evenly spread across Canadians, the agency noted, meaning they reflect the financial success of few households.
Also the source data since news articles seem to hate including them: https://www150.statcan.gc.ca/n1/daily-quotidien/240613/dq240613a-eng.htm
How much of that wealth is tied up in ridiculously inflated home values?
IIRC a lot.
Abolish landlords
Rich people own homes?! I never would've guessed
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.
Imagine paying over $1000 for rent every month, except that if you decide to move, you (theoretically) get that money back, and (likely) even more.
Now imagine that same $1000 going to someone else and you never see it again.
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.
The "total number of owners" link goes here. I'm not really sure how to read what come up, though. I actually wonder if the site was bugging out.
Here's the actual exchange. Not to give them traffic, but maybe like me you want to click through to something else.
According to other people in that thread, it goes down to 30% or 40% if you don't include people who just live together with a homeowner. Honestly that doesn't change the story much for the purpose of OP, IMO.
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.
It’s a poorly worded article that (intentionally or not) ends up sowing resentment between the have nots, and have nots with a family home. (As opposed the haves, with a rental portfolio, holiday home overseas, trust funds, etc)
Makes the boogeyman the people that are seen, the peers in (relative) poverty. While the actual boogeyman can hide away out of sight. Be it overseas land barons, corporate landlords, or just straight up wealthy living in their large secluded properties.
People who own one or two houses are not rich
If they own two, they're definitely rich, although not big-R Rich. A house to live in and a rental is basically a retirement plan all on it's own. Even one makes me think you're in the middle class and doing okay.
65% of the population owning 90% of the wealth isn’t that surprising
Agreed.
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.
Neither of those things have caused the housing crisis.
I have a strong feeling you're in the picture here, as a homeowner.
Edit: And neither have homeowners, to be clear. There's just physically not enough buildings, which is a problem that's being worked on.
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