Immigrants' Journey to Homeownership: A Shift Over Time
A recent Statistics Canada study sheds light on immigrants' journey to homeownership, highlighting significant shifts influenced by sociocultural trends and economic stability.
The study reveals that immigrants initially favour renting, with a typical journey that sees them gradually transition to homeownership over time. In the first 0-5 years, immigrants predominantly live in rented units. However, as their residency in Canada increases, they begin to shift towards owning homes.
By the 5th year, a notable trend emerges: economic immigrants, who are chosen for their job market viability, start to occupy more owned housing units than rented ones. This trend becomes more pronounced over time, with immigrants achieving homeownership at greater rates than the Canadian-born population. After 15 years of residency, immigrants' total housing use per 1,000 people even exceeds that of the Canadian-born population.
The study underscores the significant influence of sociocultural trends and economic stability on immigrants' shift from renting to owning homes. As immigrants integrate into Canadian society, they increasingly embrace homeownership, contributing to the country's housing market dynamics.
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