Highlights: How Immigrants in Canada Are Becoming Homeowners Sooner
- A recent StatCan report shows immigrants are achieving homeownership faster than before.
- In year one, only 70 out of 1,000 immigrants own homes; most start in rentals.
- Reports suggest that by year six, more immigrants own homes than rent.
- Homeownership rises from 147 to 218 per 1,000 between years five and ten.
- By year 20, 321 immigrants per 1,000 are homeowners, exceeding native-born rates.
*Want to settle in Canada? Sign up with Y-Axis to assist you with the process.
From Renters to Owners: A Look at the Immigrant Housing Journey in Canada
A recent study by Statistics Canada reveals that immigrants in Canada are moving from renting to homeownership at a faster pace than ever before. In their first few years, most immigrants prioritize financial stability, with a large majority starting off in rental housing. However, this trend quickly changes, by year six, homeownership becomes more common than renting among newcomers.
The upward trend continues steadily, with ownership rates growing significantly between the fifth and tenth year. By the 20th year, 321 out of every 1,000 immigrants own homes, a figure that surpasses the housing usage rate of Canadian-born citizens. The data suggests that immigrants are not only integrating well into the Canadian economy but also establishing long-term roots through homeownership, especially those who arrive through economic pathways.
Also, read…
IRCC Renews Policy Allowing Foreign Workers to Change Employers on Closed Work Permits
What This Means for Indian Immigrants Planning to Settle in Canada
For Indian immigrants aspiring to build a life in Canada, these findings are encouraging. The report shows that with stable employment, financial planning, and a long-term vision, homeownership is an achievable goal within the first decade of arrival. Many Indian newcomers, especially those under economic immigration streams, benefit from stronger earning potential and faster financial integration, which are the key drivers of early homeownership.
Homeownership not only offers financial security but also signifies a deeper level of integration into Canadian society. For many Indian families, purchasing a home represents both stability and a lasting commitment to their future in Canada. With the right preparation and support, this milestone is well within reach.
*Are you looking for step-by-step assistance with Canadian immigration? Contact Y-Axis, the world’s No. 1 overseas immigration consultancy!
For recent immigration updates on Canada, check out Y-Axis Canada Immigration News Page!
