Newcomers in Atlantic Canada face steep hurdles to home ownership, Halifax realtor says
A Royal LePage survey shows 88 per cent of newcomers in Atlantic Canada view home ownership as key to feeling established, yet saving for a down payment and building credit remain major obstacles. Halifax realtor Olesia Zozulia, whose clients are largely Ukrainian immigrants, says many require two to three years before they can purchase a home.
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 are immigrants, most of whom are Ukrainians affected by the war.
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, significant barriers stand in the way. The same survey indicated that 59 per cent of newcomers identified saving for a down payment as their biggest obstacle to buying a home. Roughly 43 per cent of surveyed newcomers stated they needed to learn more about the buying process, while the same percentage believed they needed time to build their credit history or score.
Newcomers face difficulties navigating unfamiliar housing markets and different mortgage systems amid a rising cost of living. High living expenses make it impossible for some families, even those with two full-time earners, to save large sums for down payments. For many Ukrainian immigrants who arrived after the 2022 invasion, war-related financial ties and missing documentation prevented them from buying homes immediately.
The local rental market offers little relief. According to a June report from the Canada Mortgage and Housing Corp., vacancy rates in Halifax were 2.7 per cent, which is lower than cities like Toronto and Vancouver. This tight rental market adds to the difficulties for newcomers seeking stability.
Zozulia reported that working with a client takes an average of five to six months, but the path to ownership often requires long-term planning. Some clients return to buy homes two or three years after their first encounter, once they have established jobs and credit histories.