WHATSAPPNewcomers in Canada economically establish themselves in the country in surprisingly short time, shows the findings of a recent Royal Lepage survey. According to the survey report, newcomers in Canada buy one in five homes in the country. If the current immigration levels are maintained, newcomers in Canada will be purchasing 680000 homes over the next five years.
A total of 1500 newcomers in Canada, who had arrived in Canada within the last 10 years, participated in the online survey. Immigrants, students, refugees and temporary foreign workers were among the participants.
32 per cent of the survey participants reported owning a home, while 86 per cent viewed real estate as a good investment. At the same time, 75 per cent of participants arrived in Canada with savings to help purchase a home. The survey further found that all the participants who owned a home had purchased it within three years after their arrival. The survey has also found that 82 per cent of the participants are still living in their first city of residence.
Newcomers in Alberta and the Atlantic Provinces reported to have the highest rate of home ownership among those surveyed, 45 per cent and 44 per cent, respectively. They were followed by newcomers settled in the Prairie Provinces of Saskatchewan and Manitoba, who had the third highest rate of home ownership, at 41 per cent.
At the same time, 72 per cent of the newcomers in British Columbia had their first home rented, which is the highest percentage in Canada. Quebec came second with 71 per cent of the newcomers renting their first home.
In Saskatchewan and Manitoba, 41 per cent of all homebuyers are newcomers. This is the highest share in Canada followed by the Atlantic Provinces where 31 per cent of all the homebuyers are newcomers.
While newcomers in Atlantic Canada waited for an average of two years after coming to Canada before buying a home, the average waiting period for newcomers to buy a new house in all other regions was three years.
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