Our latest Housing Market Insight (HMI) looks at the ownership of residential property (including vacant land) in British Columbia (B.C.), Ontario and Nova Scotia. Using data from Statistics Canada, the HMI shows, specifically, how much residential property is owned by individuals and non-individuals.
Who are non-individual owners?
Non-individual owners fall into separate categories according to various factors, including their legal status. They can be corporations, governments, sole proprietorships, partnerships, or other entities.
For this HMI, we also wanted to get a better idea of the industry sectors non-individual owners belong to. For that reason, we sorted non-individual owners by industry sector. These sectors include the construction sector, government, and the real estate and rental and leasing sector.
Highlights on the ownership of residential property
Here’s what we found out about the ownership of residential property in B.C., Ontario and Nova Scotia:
- Individuals own the vast majority of residential property in the 3 provinces. However, if we look just at vacant land, non-individual owners are much more present than they are in terms of overall residential property ownership.
- Non-individual owners in the construction and government sectors combined account for over half the total value of vacant land in all 3 provinces. This value is concentrated in the Vancouver, Toronto and Halifax census metropolitan areas (CMAs).
- Non-individual owners are mainly governmental organizations, corporations in the construction sector, and corporations in the real estate and rental and leasing sector.
Non-individual ownership varies, but is low in all 3 provinces
In each of the provinces, ownership of residential property by non-individuals varies. In all 3 cases, though, the share non-individuals own is small – under 10%. In B.C., non-individuals own 9.8% of residential properties. In Ontario and Nova Scotia, the rates are even lower, at 7.4% and 7.9%, respectively.
Looking at the provinces’ largest CMAs, the percentages are similar and also under 10%. In Vancouver, it’s 5.6%, in Toronto, 4.2% and, in Halifax, 9.9%.