Study the homebuying experiences of Canadian Immigrants

Genworth Financial Canada has just released its Fall 2007 First-Time Homebuyers Monitor, which polled immigrants to learn more about the successes they experienced, and the challenges they faced, in the homeownership process. The survey was conducted between September 17 and October 3, 2007 among 418 new immigrants living in the five census metropolitan areas (CMAs) identified by Statistics Canada as having the largest proportion of new immigrants: Toronto, Vancouver, Montreal, Calgary and Ottawa-Gatineau. Results of this survey are accurate to within ± 4.8%, nineteen times out of twenty. Here are some of the key findings from that study:

• The desire to own a home in Canada was nearly universal (91 per cent) among new arrivals.
  
  
• Half of all immigrants to Canada (52 per cent) successfully purchased a home within three years of arriving.
  
  
• Well-priced and conveniently-located detached dwellings in safe neighbourhoods were the top pick, followed by townhouses and semi-detached dwellings. Condominiums apartments rounded out the most popular options.
  
  
• 72 per cent of respondents recognized that buying a home without a credit history in Canada is a barrier and that it is important to immediately begin building a personal credit rating.
  
  
• Two-thirds (66 per cent) said they lacked information about financing options and half (45 per cent) said it is difficult to find information about financing a home purchase that is available in a language that is easy for them to understand.
  
  
• Over three quarters of respondents (77 per cent) said that finding a job in Canada that suits the level of education they attained in their country of origin was a problem.
  
  
• The average price paid by immigrant homeowners in the survey was $393,000.