Access to property by young Quebec households during the last decade
Real estate prices have risen sharply in Quebec over the past decade. For buyers, the rising cost of property was partially offset by interest rates that are at their lowest in 40 years. As a direct consequence of this, the household debt ratio has reached a record high. Using data from several surveys conducted by Statistics Canada, this article examines how the rate of access to property by young Quebec households and the conditions under which such access takes place. A main focus is the evolution of the recourse to loans in recent years and to the degree of parental support in homeownership. Young families are defined as those whose oldest member was 25 to 39 years at the time of the survey. The article shows that the housing price increase has not dampened homeownership by these younger households. It shows, however, that said access has come at the price of greater indebtedness, confirming some concerns raised in the literature and the media. Nevertheless, a number of young owner households have received support from their parents, namely in the form of financial support or prolonged cohabitation.