Could real estate costs be affecting birth rates?
On Behalf of Porter Ramsay LLP | Jun, 19, 2018 | Real Estate Law
Could it be possible that what is happening in the housing market in Canada could have an effect on the birth rate? Some real estate experts say yes. With burgeoning prices, some couples, including those in British Columbia, are opting to buy condos instead of single family homes and that could mean delaying starting a family. A recent study points to some interesting findings regarding real estate and birth rates.
Apparently, there is a direct correlation between escalating house prices and falling pregnancy rates. Although the study is U.S.-based, its findings also pertain to the Canadian scenario. Findings show that for every 10 per cent increase in house prices, the birth rate among women between 25-29 years of age, will decrease 1.5 per cent.
It seems couples can’t afford both new digs and a new baby. Statistics Canada data backs up the study’s findings. But apparently, those numbers aren’t as low in British Columbia as they are in other parts of the nation. B.C. saw the birth rate decline by only 2 per cent between 2012 and 2016 even though home price increases in that period were rapid.
People are also waiting later to have children. The fact that couples are still buying and selling real estate — even if that means a condo, rather than a single family home for starters — means they should have some knowledge of the law as it pertains to purchasing and selling. A British Columbia lawyer will ensure the best interests of his or her clients in any real estate transaction from the get-go, including assisting clients with the contractual process.