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Immigrants are Getting into Homeownership More Rapidly in Canada

Immigrant homeownership in Canada has become a notable trend, as an increasing number of newcomers are transitioning from renting to owning homes at a faster pace than ever before. Statistics Canada’s recent study (from 2021 census data) indicates that immigrants are more likely to switch from renting to owning homes. In most cases, immigrants can purchase a home in their sixth year in Canada, marking a significant milestone for them.

During the beginning years, renting is very common.

During the first five years, renting is the most common choice for those who move to another country. Currently, both leased and owned units per 1,000 people continue to average 300. After just one year of arrival, only about 7% of immigrants own their own home, with more than double that amount, 23.6%, renting. They spend the beginning of their stay in America building their financial foundation. This time is significant for preparing for owning a home in the future.

About six years after immigrating, the majority own a home.

By the sixth year, immigrant homeownership in Canada undergoes a notable shift. The trend now shows more immigrants buying homes than renting. The number of households that own their home rises from about 150 to 220 per 1,000 people over the first five to ten years. This period reflects growing economic stability as immigrants solidify their financial footing in the Canadian economy, often aided by programs like the Immigrant Investor Programs Canada. They help immigrants access financial incentives and support for purchasing property, enabling them to become homeowners more quickly

After a decade, homeownership rates have increased steadily

Immigrants continue to buy homes after the 11th year. After 15 years, 267 out of every 1,000 immigrants own homes, and this number improves to 321 by the 20th year. Typically, immigrants’ homeownership rates exceed those of people born in Canada by the time they have lived here for twenty years. It is due to better economic conditions, smaller households, and people choosing to live independently.

Many immigrants are economic immigrants.

The findings also suggest that skilful economic immigrants selected for this reason are essential in driving economic change. Making more money and finding more job options lead to them becoming homeowners sooner. When immigrants succeed financially, they tend to purchase homes and become established in the areas where they reside.

Whether through government incentives or increased financial independence, immigrant homeownership in Canada is on the rise. Special programs for immigrants help them achieve this goal, and banks are developing mortgage packages for individuals with limited Canadian financial records. For newcomers planning their homeownership journey, seeking guidance from The Best Canadian immigration consultants can make the process smoother and faster.

If you’re an immigrant in Dubai or UAE, looking for support in your journey toward Canadian homeownership, consider consulting Top Immigration Consultants in DUBAI, UAE. They can guide you as you start a new life in Canada and work towards finding your own home.