B.C. newcomers rank lowest for home ownership, 71 per cent without homes plan to buy

British Columbia has the lowest newcomer homeownership rate in Canada, with 27 per cent of recent immigrants owning property compared to a national average of 34 per cent, according to a Royal LePage survey released Thursday.

Of the 1,400 newcomers surveyed—people who immigrated to Canada within the past 10 years—71 per cent of those without homes plan to buy one. Of those planning to purchase, 40 per cent expect to do so within one to two years. Ninety per cent of B.C. newcomer respondents said homeownership is important or somewhat important. Among B.C. newcomers who do not own a home, 86 per cent rent.

The barriers to purchase differ from the national picture. In B.C., 53 per cent of newcomers cited securing more stable or higher-paying employment as their biggest obstacle to homeownership, while 51 per cent cited saving for a down payment. Nationally, the order reverses, with down-payment concerns leading. Twenty-six per cent said building a credit score or history in Canada has slowed their pace, and 25 per cent said their income source is unconventional or difficult to document.

"Newcomers often put down roots where they already have a sense of culture, community and connection," said Raj Gill, a broker at Surrey-based Royal LePage Global Force Realty. "Given affordability challenges in Metro Vancouver, many first-time buyers gravitate toward condominiums and townhomes rather than detached houses. Access to transit and less home maintenance can be more appealing than having additional square footage."

Seventy per cent of B.C. respondents still live in the same city or town where they first arrived. Seventy-one per cent of B.C. newcomer homeowners bought their home in the city or town where they first settled, the survey found.