17 October 2019

In spite of the desire to have their own home, only 32% of the newcomers did buy a property. Meanwhile, a homeownership rate across Canada is 68%. Among those who became homeowners, almost half chose a detached house, 18% purchased a condo, 15% preferred a townhouse, and 13% – a semi-detached house.

“Besides supporting Canada’s economic growth, newcomers are extremely important for the health of national real estate market,” – Phil Soper, president and CEO of Royal LePage, noted, adding it’s vital that real estate supply keeps pace as the economy and labour market are still expanding.

The study expects Canadian newcomers to buy 680,000 homes during the next five years in case today’s migration level remains unchanged.

In Soper’s opinion, the demand for affordable real estate among younger and new Canadians can be met with the help of certain measures aimed at encouraging reasonable and smart construction, focused at protecting and creating green spaces in urban centres.”