Immigrants to Canada who arrived in the past decade are more than a third more likely to pick up their belongings and move to another province – or leave the country entirely – in search of a more affordable place to live than are other Canadians, an Angus Reid survey reveals.
“While three-in-10 Canadians, 28 per cent, say they’re giving serious consideration to leaving their province of residence due to housing affordability, this number rises to 39 per cent for those who have lived in the country for less than a decade,” reports the pollster.
Big city living proving to be too costly for many newcomers
With their well-established tendency to immigrate to Canada’s bigger cities, many newcomers find themselves facing the brunt of the current housing crisis and their greater propensity to leave these urban cores in search of more affordable housing may exacerbate housing shortages in those cities.
“In Toronto and Vancouver, the long-term risk would be one of losing the workforce required to keep the city cores humming,” notes Angus Reid.
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“In downtown Toronto, 44 per cent say they consider leaving, with 22 per cent saying this is a strong current consideration. Similar numbers also say this in the surrounding 905 area (telephone) code. In Metro Vancouver, one-in-three, 33 per cent, aren’t sure if that region is a long-term home.”
With the Bank of Canada looking at cutting rates instead of raising them further, the somewhat softer real estate and rental markets are expected to pick up again.
“Though the countrywide ramp up of housing prices has slowed, rent has continued to rise across the country, with some provinces seeing year-over-year average rent increases of more than 17 per cent,” notes Angus Reid.
Ontario And British Columbia Residents Most Likely To Move Due To High Cost Of Housing
Results of the survey released this month indicate Ontario residents are the most likely to be considering a move to get cheaper housing, with 39 per cent saying they agree or strongly agree with the statement that they are seriously thinking of leaving their province because of the cost of housing there.
British Columbians are the second-most likely to share that sentiment, with 36 per cent agreeing or strongly agreeing with that statement.
Best bets for more affordable housing are Saskatchewan, Quebec, New Brunswick and Alberta
The most likely residents to say they’ll stay put are those living in the Prairie province of Saskatchewan, with only 15 per cent expressing a desire to move away, followed by the francophone province of Quebec at 16 per cent, New Brunswick at 18 per cent, and Alberta at 19 per cent.
“Although there is evidently plenty of concern over the current housing situation in the country, many still have hope that the problem is solvable ,” notes Angus Reid.
“The issue has increasingly been a focus of both the federal and provincial governments. A majority, 53 per cent, of Canadians agree they are ‘hopeful that housing affordability will improve over the next few years’, while two-in-five, 40 per cent, disagree.”
The most pessimistic about the housing situation are Quebeckers, with three-in-five, 58 per cent, expressing pessimism that there is relief on the horizon for the housing affordability crisis.
Despite the worries over housing costs, young adults are the most optimistic age group in Canada about buying a home this year, reveals another survey.
In its 2024 Homebuyer Intentions Survey, the Wahi real estate agency examined the attitudes of Canadians towards home–buying over the next year.
The results of that survey revealed nearly one-quarter, 24 per cent, of Canadians aged 18 to 34 years old hope to buy a home in 2024.
That means these young adults are more likely to be planning to buy a home than those aged 35 to 54 years old or those 55 years old and above.
But with higher housing costs than in the past, many of those who are hoping to buy a home this year are planning to tighten their belts and work side gigs to raise the needed down payments.
“Some 45 per cent of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice,” noted Wahi in a statement.
“Canadians aged 18 to 34 were most likely to cut back on spending, at 59 per cent.”
One in five Canadians with homebuying intentions this year says he or she is planning to work more hours or take on a gig-economy job, such as driving for Uber. And about one in five, 19 per cent, of these potential homebuyers aged 18-34 plan to purchase that property with a partner or family member to split the cost.
“Many Canadians are planning to purchase a home this year, particularly in some of the country’s more affordable markets, and they’re also willing to make lifestyle and work changes to realize their dreams,” said Wahi CEO Benjy Katchen.
