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Abstract
The real estate wealth disparities associated with religious identity have rarely been investigated in the literature. Such investigation is important, since the benefits of investment in an owner-occupied residence expand beyond individual wealth accumulation. Homeowners have a greater incentive to invest in their neighbourhoods and are more engaged with their local communities. These individual incentives engender social benefits. Using the Canadian National Household Survey of 2011, this paper examines how religious identity associates with the patterns of real estate wealth accumulation in Canada. Three interrelated outcomes of homeownership, value of the dwelling and the likelihood of carrying a mortgage are considered. The differences among a number of religious groups are non-negligible and impervious to the inclusion of controls. In accord with the US patterns, conservative Protestants are found at a disadvantage in real estate wealth accumulation. Jews, the highest earning group, are found to have a lower likelihood of homeownership, compared with most other groups. But, conditional on owning, Jews have more valuable homes. Muslims, the lowest earning group, are found the least likely to own. But, conditional on homeownership, Muslims are less likely than all other groups to carry a mortgage. Sikhs are found to statistically significantly differ from Hindus, in their homeownership rates and the value of their dwellings. Various explanations are explored.
Notes
1. The inclusion of immigrants did not change the qualitative conclusions of the analysis. However, it made the quantitative comparisons more difficult. Since, the coefficients for religious groups needed to be majored by the large and negative coefficients for immigrant and the years since arrival in Canada, to compute the gaps. These estimations are available upon request.
2. The list of the cities is as follows: Halifax, Moncton, Québec City, Sherbrooke, Ottawa, Oshawa, Toronto, Hamilton, Niagara, Montréal, Waterloo, London, Windsor, Guelph, Kingston, Thunder Bay, Regina, Winnipeg, Calgary, Edmonton, Vancouver, Victoria, and Kelowna.
3. Alternative regressions using the NHS data which included immigrants, and the analysis of the Canadian Census of 2001 confirm the patterns of higher homeownership rates for Sikhs, and the higher value of their dwelling conditional owning. These results are available upon request.
