Immigrants are more likely to own their homes with their adult children than are other Canadians, a Statistics Canada study of home ownership in 2021 reveals.
In Intergenerational Housing Outcomes In Canada: Parents’ Housing Wealth, Adult Children’s Property Values And Parent–Child Co-Ownership, the statistical and demographic services agency’s Aisha Khalid, Joshua Gordon and Michael Mirdamadi discovered the trend which is most pronounced in Canada’s biggest cities.
“Looking at all provinces and territories combined, almost half of co-owning parents were immigrants,” wrote the researchers.
“This finding is consistent with the fact that co-ownership occurs most in higher-priced census metropolitan areas (CMA) … and these CMAs tend to have higher proportions of immigrants in the population.”
In Toronto, 80.9 per cent of co-owning parents were immigrants even though immigrants only comprised 64.4 per cent of all homeowning parents in Canada’s biggest city and among the 41.8 per cent of the population.
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“In Vancouver, 76.9 per cent of parents who co-owned properties were immigrants, compared with 59.9 per cent of all homeowning parents linked to adult children born in the 1990s and 46.6 per cent of the CMA population.”
Immigrants in Canada tend to put a higher value on home ownership than do other Canadians and seem more willing to devote more of their financial resources to buy a home.
“Previous research by Statistics Canada suggested that immigrant populations – which are a larger proportion of the populations of these two CMAs than of other CMAs – were more likely to devote greater proportions of wealth or spending to homeownership relative to other investments,” notes Statistics Canada.
The federal government agency defines a high-ratio property as one where the assessed value of the property is more than 30 times the owner’s income.
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“In Toronto, about half, or 52.1 per cent, of the high-ratio properties had at least one adult child who was a first-generation immigrant listed on the title, compared with 35.2 per cent of all properties analyzed,” notes Statistics Canada.
“In Vancouver, 65.4 per cent of the high-ratio properties were owned by at least one first-generation immigrant adult child, compared with 37.3 per cent of all properties owned by adult children.”
Across Canada, most homes are owned either by an adult child with a parent or with some other person. Less than 40 per cent of homes in Canada are owned by only one adult.
Foreign Nationals Can Gain Permanent Residency In Canada Through Its Two-Tier Immigration System
Under the Express Entry system, immigrants can apply for permanent residency online if they meet the eligibility criteria for one of three federal immigration programs, the Federal Skilled Worker Program (FSW), Federal Skilled Trades Program (FST), and Canada Experience Class Program (CEC), or a participating provincial immigration program.
Candidates’ profiles then are ranked against each other according to a points-based system called the Comprehensive Ranking System (CRS). The highest-ranked candidates will be considered for an Invitation to Apply (ITA) for permanent residence. Those receiving an ITA must quickly submit a full application and pay processing fees, within a delay of 90-days.
Through a network of Provincial Nominee Programs (PNP), almost all of Canada’s 10 provinces and three territories can also nominate skilled worker candidates for admission to Canada when they have the specific skills required by local economies. Successful candidates who receive a provincial or territorial nomination can then apply for Canadian permanent residence through federal immigration authorities.
Canadian employers can also recruit and hire foreign nationals through the Temporary Foreign Worker Program (TFWP) and the International Mobility Program (IMP).
The Global Talent Stream (GTS), a part of the TFWP, can under normal processing situations lead to the granting of Canadian work permits and processing of visa applications within two weeks.
