The homeownership rate for recent immigrants to Canada increased between 2018 and 2021, in stark contrast to the decline observed among Canadian-born home buyers, government data indicates.
A new report from Statistics Canada analyzes the home-buying patterns of immigrants admitted as permanent residents between 2017 to 2021 as well as home-buying trends of Canadians aged 25 to 54.
StatCan tracked homeowners across seven provinces—Ontario, Nova Scotia, New Brunswick, Prince Edward Island, Manitoba, Alberta, and British Columbia—and found that newcomers are entering the housing market at a quicker pace than earlier groups, even in the face of increasing prices and affordability issues.
The rate of homeownership for immigrants in Ontario, five years after their admission, increased from 35.7 percent in 2018 to 40.2 percent in 2021, according to the report. Meanwhile, the percentage of Canadian-born individuals in the 25 to 54 age bracket who purchased homes during the same timeframe fell from 50.7 percent to 47.8 percent….