Newcomers in Atlantic Canada face steep hurdles to home ownership, Halifax agent says
A Royal LePage survey shows 88 per cent of newcomers in Atlantic Canada view home ownership as key to feeling established, but saving for a down payment and building credit remain major obstacles amid Halifax's tight housing market.
Olesia Zozulia moved to Halifax from Ukraine in 2019 and now works as a real estate agent for Royal LePage Atlantic. Approximately 80 per cent of her clientele consists of immigrants, most of whom are Ukrainians affected by the war.
For many newcomers, purchasing property represents a critical milestone. A survey conducted by Burson for Royal LePage found that 88 per cent of newcomers in Atlantic Canada believe home ownership is an important part of feeling established in Canada. However, the same survey revealed that 59 per cent of newcomers identified saving for a down payment as their biggest barrier to home ownership.
Beyond financial constraints, unfamiliarity with local systems poses additional challenges. Roughly 43 per cent of surveyed newcomers stated they needed more time to learn about the buying process or to build their credit history. War-related displacement has also left some potential buyers without the necessary finances or documentation required to complete a purchase.
Zozulia noted that many clients return two or three years after their initial consultation once they have established jobs and credit histories. On average, she spends five to six months working with a client through the purchasing process.
The broader housing environment in Halifax adds further pressure. According to a June report from the Canada Mortgage and Housing Corp., the vacancy rate in Halifax was 2.7 per cent, which is lower than rates in Toronto and Vancouver. This tight rental market exacerbates difficulties for newcomers seeking stable housing while they prepare to buy.