Realist, not conformist analysis of the latest financial, business and political news

Can’t The Guardian Even Read A Report Properly?

The Guardian tells us that the Canadian property market is just terrible, terrible:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Nearly 40% of Toronto homes not owner-occupied, new figures reveal[/perfectpullquote]

The actual report says:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]In Ontario, 77.5% of residential properties were owner-occupied in 2018[/perfectpullquote]

The 40% comes from:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]However, all three provinces have relatively lower rates of owner-occupied condominium apartments: 58.7% in British Columbia and 57.3% in Nova Scotia and in Ontario.[/perfectpullquote]

The Guardian’s confusion? Not realising that “condo” is the Canadian for “flat” or “apartment”, owned on the same basis as much of the English flat supply. Each apartment is owned on a lease, leased from the management company, the ownership of a lease also meaning owning a part of said management company.

And, umm. How can there be a rental market unless people are not living in owner occupied housing? And we do want a rental market, right?

Sigh.

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