One in 10 Canadians earns income from one or more of their properties, Royal LePage revealed in a study released Thursday.
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From coast to coast, approximately 4.4 million Canadians, or 11% of the population, own residential income properties. As a bonus, almost a quarter (23%) of Canadians who do not own an income property hope to acquire one within the next 5 years, while half of those who already own one want others.
“Overall, more than a quarter of Canadians (26%), whether they are current real estate investors or not, intend to buy real estate for investment before 2028,” noted the real estate agency.
More locally, in the Greater Montreal market, owners tend to accumulate a greater number of properties than in Toronto or Vancouver.
“When comparing the amount of down payment required to acquire a building in Montreal is much less compared to a similar property in Toronto where the market value is almost doubled. This partly explains why Montreal investors own more income properties in Montreal than elsewhere in the country,” explained Aline Zafirian, residential and commercial real estate broker for Royal LePage Village.
According to Statistics Canada, the rate of unaffordable housing reaches 20% in the country (2021).