Canada housing crisis has almost 40% of immigrants considering moving, according to survey!
Immigrants are being hit by Canada housing crisis, which is making a lot of them consider moving, according to a new Angus Reid survey. The data shows that 39% of immigrants who have lived in Canada for 10 years or less are thinking of relocating. Of these recent immigrants, 25% point out housing costs as the main reason, while others are driven by the pursuit of a better quality of life, lower cost of living, improved access to healthcare, and proximity to family. Among immigrants who have been in Canada for 11 years or more, 30% are thinking of leaving their province.
“If you are a young person who has arrived in Canada in the last 10 years, who is renting in one of Canada’s biggest cities, you know, life is not very happy at the moment”, said Shachi Kurl, president of Angus Reid.
The survey also found that residents of cities with the highest home prices are most likely to consider leaving their province. In both central and suburban Toronto, 44% of respondents are seriously thinking of leaving, with Vancouver at 33%. Provincially, Ontario (39%) and B.C. (36%) had the highest numbers of respondents contemplating a move, while Quebec (16%) and Saskatchewan (15%) had the lowest.
Across Canada, 45% of those considering leaving would move to another part of the country, with Alberta (18%) and Atlantic Canada (10%) being the most popular destinations. Alberta has seen significant interprovincial migration due to its more affordable housing prices and better job opportunities.
The survey also highlighted that 42% of 18- to 24-year-olds are considering moving from their current province. On top of that, renters are more likely to think about relocating than homeowners, with or without a mortgage.
Canada aims to welcome around 500,000 new immigrants each year, one of the highest rates globally when adjusted for population size. In contrast to that, a recent report from BMO indicates that between 2022 and 2023, over 130,000 people moved away from Toronto, Montreal, and Vancouver to other provinces.
Home prices in many Canadian cities have surged recently, and rental vacancy rates are extremely low. Economists warn that the crisis could worsen without significant new construction. A recent population boom has exacerbated the problem, though leaders debate the impact, pointing to labor shortages and higher interest rates as additional factors.
“As more immigrants seek the Canadian dream from abroad, many who arrived in recent years have discovered less of a dream and more of a nightmare”, the report said.
Conducted with 4,204 Canadians in mid-June, the survey showed that dissatisfaction levels largely match the housing costs in various Canadian cities. Despite this, a slight majority of respondents remain hopeful that the affordability issue will improve in the coming years.