Home Sweet Home: Data Shows Newcomer Home Ownership Is On The Rise In Canada

We’ve dug into recent data from Statistics Canada to uncover the latest trends in newcomer home ownership. Then, we’ve translated those trends into 3 lessons you can take away today to navigate the housing market and make informed decisions about where to buy and invest.

Key Takeaways

• Newcomer homeownership is on the rise across Canada, with Ontario leading in total immigrant homeowners.
• British Columbia has the highest property values for newcomer homeowners, particularly for those owning multiple properties.
• Affordable housing is available for immigrants in regions like New Brunswick and Manitoba.
• Trends in Alberta show growing interest among immigrants in property investment, with attractive median property values.

Trends in Immigrant Homeownership Across Canada

Newcomer homeownership in Canada is on the rise. Generally, more newcomers bought homes in 2022 than in 2021, and there was growth between 2020 and 2021 too. This trend shows that immigrants aren’t just settling—they’re investing, growing their wealth, and establishing a solid foundation for their families. From affordable options to high-value markets, there’s a wide range of opportunities across the country.

Ontario newcomers are leading the charge with nearly 2 million immigrant homeowners in 2022 (the most recent data available). The province has seen a steady increase in the number of newcomers owning homes, growing to 34.2% in 2022. While home prices are higher in Ontario than in some other provinces (particularly in Toronto and the GTA), the investment often pays off, thanks to Ontario’s strong economy and growing real estate market.

British Columbia’s stunning landscapes and dynamic urban centers like Vancouver make it a popular choice, despite the hefty price tags. Property prices here are some of the highest in Canada, and the average newcomer who owns a home in BC has a household income of $100,000. 

Alberta is another region experiencing increased interest from immigrant homeowners. Known for its affordable housing market compared to other major provinces, Alberta has become a favorable destination for immigrants looking to invest in property. The median property value for immigrant homeowners is $410,000, offering an attractive option for those seeking to balance affordability with the opportunity for growth. Alberta’s strong economy, driven by industries like oil and gas, also plays a crucial role in attracting immigrant homebuyers.

Provinces With Highest Home Ownership Costs For Newcomers

• BC
• Ontario
• Alberta

Provinces With Lowest Home Ownership Costs For Newcomers 

• Nunavut
• New Brunswick
• Newfoundland and Labrador

Average Earnings Of Newcomers Who Are Buying Homes

• Nunavut: $250,000
• Yellowknife, Census Agglomeration (CA): $180,000
• St. John’s, Newfoundland and Labrador: $125,000
• Ontario: $110,000
• British Columbia (BC): $105,000
• Nova Scotia: $105,000
• Manitoba: $100,000
• New Brunswick: $95,000.

Lessons for Immigrants Looking To Buy A Home In Canada

Homeownership among immigrants is on the rise

Canada is all about opening doors, and one of those doors could be to your new home! More and more immigrants are buying homes across Canada, so the Canadian dream is still very much alive for newcomers. Getting into the real estate market is a solid way to build equity and your financial future, and based on the data, it seems newcomers to Canada realise this. 

Pick the right spot for your budget

Not all provinces are created equal when it comes to home prices, so it pays to know your options. Places like Ontario and BC have homes with great potential for growth (and a great lifestyle), but these properties come with a high price tag. 

If you’re looking to stretch your budget a bit further, consider more affordable provinces like New Brunswick, Nova Scotia, or Manitoba. These spots offer lower property values, which means you can still find a great home without breaking the bank. The key is finding a location that fits your lifestyle and budget—there’s something for everyone.

An investment property may be within reach

Owning an investment property can increase your net worth, diversify your investments, and offer additional income streams. And it may not be as out-of-reach as you might think. The average difference in household income between single-property owners and multiple-property owners who are newcomers is $25,000. This is certainly a pay increase, but it’s not inconceivable – and that gap could be bridged with intelligent career pathways or even a side hustle.