Owning a single-detached home in Canada is a dream for many. But a new report has found that immigrants are less likely to own this type of property than those who were born in the country.
Statistics Canada released a study on Tuesday that specifically looked at immigrants in the Vancouver and Toronto housing markets. A good portion of residential properties in these cities are owned by immigrants — 37 per cent in Vancouver and 43 per cent in Toronto.
READ: Canada Has One Of The Highest Home Ownership Rates In The World
But in the West Coast city, fewer immigrants own single-detached homes than Canadian-born residents. Nearly half of citizens (48 per cent) born in the country own this type of home compared to just 39 per cent of immigrants.
Based on the stats, it appears immigrants in the Vancouver area prefer all other housing types instead, as they own a greater portion of them compared to those who are Canadian born. Thirty-nine per cent of immigrants own condos, for instance, which is on par with the number of those who own single-detached homes. In comparison, only 34 per cent of Canadian-born residents own a Vancouver condo.
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Toronto has a similar situation, the stats found. Fewer immigrants (roughly 50 per cent) own a single-detached home compared to Canadian-born residents (60 per cent). However, more immigrants own condos (22 per cent) than the latter group (19 per cent).
Immigrants might own fewer detached homes in Vancouver and Toronto, but the ones they do own are worth a pretty penny. Immigrant-owned detached properties in Vancity average $1.77 million. That’s $255,100 more than the average value of detached homes owned by Canadian residents, StatsCan found.
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In Toronto, there isn’t quite as big of a disparity. The difference in average value is $20,000 between detached property owned by Canadian residents and immigrants. The property value of the former is greater at $849,300.
A whopping 63.4 per cent of Canada’s immigrant population lives in Toronto, Vancouver, and Montreal, according to StatsCan. In 2018, the target number of immigrants accepted into the country was 310,000, and that number is set to increase to 40,000 in 2021, CBC reports.
READ: Toronto’s Rapid Population Growth Could Cause Housing Crisis: Expert
The influx of immigrants means some of Canada’s cities will get even bigger, potentially putting a strain the housing market.
“More and more people are flocking to the city, and unless you’re creating a huge new supply of housing, they’re just simply going to drive the price of houses up,” Darrell Bricker, CEO of Ipsos Public Affairs, told Global News.
