A report by Scotiabank, a major Canadian financial institution, has found that immigrants are a major force driving the Canadian housing market.

According to the report, recent immigrants are making a faster transition from renting homes to owning homes than in the past. Homeownership rates among all immigrant groups increased between 2001 and 2006.

“The biggest increase was among those living in Canada for less than 10 years,” said Scotiabank senior economist Adrienne Warren.

Homeownership rates among immigrants rose alongside a growth in employment rates for newcomers during the same period, the report said.

This information “may reflect a favourable skills mix, with many employed in high-growth industries such as engineering, construction and skilled trades,” said Warren.

This trend is expected to continue as immigration plays a larger part in Canada’s population growth.

“Given Canada’s aging population and low fertility rates, longer term household formation and housing needs will be largely determined by immigration,” Warren said.

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Statistics Canada recently released population growth numbers for the last quarter of 2008.  The 0.19 per cent increase is the fastest fourth-quarter growth rate since 1992 and can be largely attributed to net international migration, says the agency.

Canada’s population now sits at 33,504,700 people, up 63,400 from October 1, 2008.  35,700 of this rise was due to net international migration, which represents an increase of 7,700 people over the same period in 2007.

Citizenship and Immigration Canada has also announced that immigration application processing times improved slightly in 2008, with a 12 per cent reduction in wait times over 2007 figures.

Statistics Canada figures show a population increase in every province and territory, except for Prince Edward Island and the Northwest Territories.

Demographic growth remained higher in western provinces, with British Columbia, Alberta, Saskatchewan, and Manitoba all posting growth rates beyond the national average.

Saskatchewan, which has stepped up its efforts to attract newcomers through the Saskatchewan Immigrant Nominee Program (SINP), has reached a new 20-year high in terms of population numbers, largely because of immigration.

“Immigration is important in addressing Saskatchewan’s demographic and labour market needs and will help contribute to the long-term growth and prosperity in this province,” says Saskatchewan Immigration Minister Rob Norris.  “Newcomers help to build our communities through diversity and innovation.”