Immigrant homeownership rate rises in Canada

A new Statistics Canada report reveals that recent immigrants are achieving homeownership faster than previous cohorts despite the ongoing housing crisis. The homeownership rate for newcomers jumped to 40.2% by year five in Ontario. In contrast, Canadian-born homeownership rates fell from 50.7% to 47.8% for ages 25-54. In British Columbia, immigrants pay a median $660,000 for homes versus $580,000 for Canadian-born buyers, indicating higher leverage risks. Maritime provinces now show immigrant homeownership rates matching those of Canadian-born residents.