Elevated home sale activity continues to outstrip the supply of homes for sale in…
The federal statistics agency’s analysis of homeownership in the Vancouver and Toronto Census Metropolitan Areas found that immigrants to Canada between 2009 and 2016 own about five per cent of the region’s detached homes, valued at an average of $2,336,300 million. This is $823,900, or 54 per cent, more than the average $1,512,400 value of detached homes owned by Canadian-born residents
This value gap was much larger between recent immigrants and Canadian born homeowners than it was between all immigrants and locals. Detached homes owned by immigrants were valued at an average of $1,767,000 in the 2016 Census, which is $255,100 or 17 per cent more than those of local-born detached-home owners.
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The report, published January 29, found that homeownership was very high among immigrants in general. It found that, overall, immigrants made up 41 per cent of the Metro Vancouver population in 2016 and owned 37 per cent of homes in the region.
“Home ownership might be an important milestone for immigrants in the path towards social and economic integration,” said Statistics Canada in the report. “Investments in housing may also be a more important retirement asset and source of wealth creation for immigrants.”