When Real Estate Deflates, Owners Become Renters
This chart shows the major shift in sentiment and ability when the booming U.S. housing market busted in 2008.
The weak hands folded and the rates of home ownership plummeted. The year over year change in ownership in 2013 was negative 27,800 while domicile rentals increased 525,500 Y/Y.
In Canada home ownership is high.
According StatsCan (National Household Survey) via the
Canadian Home Ownership was:
History, Charts & Curated Readings
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense