Should we rent or should we buy?
It's a given that when migrants arrive in Canada they must have a place to live. Most migrants will either stay with family members or they will rent apartments or houses when they first land. Many continue to rent, while others choose to purchase a home or condo.
The influx of migrants into the healthy job market has stimulated Canada's economy, causing, among other good things, a boom in new construction. This is evident across the country, from the eastern urban areas of Montreal and Toronto to Vancouver and Edmonton in the western areas. Migrants who choose to rent have created a need for more housing units, which creates the need for more workers to build them. The rates for apartment vacancies are at an all-time low. Condos are either being bought by immigrants or are being rented to them by investment owners.
One of the hallmarks of assimilation into any new country is the purchase of a home. This establishes a further degree of permanence and it also fosters pride and a sense of belonging in the newcomer. It speaks of a given level of financial prosperity and security, which is good for both the migrant and Canada. There are indications that migrants are more likely than native-borns to place home ownership as a priority and are willing to make larger sacrifices to obtain them. Some are willing to house extended family members, who also contribute living expenses, making ownership even more feasible.
The age at which home ownership is undertaken is on a trend of dropping each year. Younger migrants are buying more homes than in the past, though most present home owners have been in the country for a decade or more. An important contributing factor in home ownership by migrants is the fact that interest rates are lower than in the past, and with the unemployment rate dropping as well, homes are more affordable. Ownership becomes not only a more attractive option for financially qualified migrants, but a more attainable goal as well.
Whether renting or buying, migrants are stimulating growth in many areas of Canada. Housing and employment opportunities are moving in a positive direction, each causing growth for the other.