The survey polled 1,500 people who settled in Canada within the past 10 years and found that newcomers represent approximately 21 percent of all homeowners in the country, with the majority being highly skilled and educated who see real estate as a good investment. Royal LePage’s president and CEO, Phil Soper, mentioned that “we shouldn’t be surprised that these people arrive with knowledge and resources because they are both courageous and capable.”
With average housing prices having dropped by 1 percent in the second quarter of this year, Canada’s housing market is at its most affordable since 2009. it is no surprise that more newcomers are choosing to purchase real estate soon after they arrive. Soper goes on to say that the “demand for affordable housing among […] new Canadians can be met through housing policies that encourage smart and sustainable development.”
Of those surveyed, the majority of newcomers (54%) moved to Canada because they see the country as a good place to live and work. Additionally, 75% reported not having considered relocating to the United States, citing that they feel more welcomed as an immigrant in Canada, and believing Canada to be a safer place to live.
82% of all newcomers said that they have remained in the city or region they first resided in. British Columbia had the highest retention rate of 86%, followed by Ontario at 84%, Quebec at 83%, Atlantic Canada at 81% and the Prairies at 71%.
Toronto, British Columbia and Montreal continue to be the top cities where many choose to live with many choosing to rent. Alberta led in Canada for the number of newcomers who purchased a home upon arrival (45%), followed by Atlantic Canada (44%) and the Prairies (41%)
With the current government’s plan to welcome more than one million newcomers in the next few years, and Canada’s housing market at one of its most affordable periods, the time has never been better to lay the foundation. If you have dreamt about being a Canadian homeowner, now may be the best time to make it a reality!
Want to learn about your Canadian immigration options? Complete our free online assessment and someone from our team will be in touch with you shortly!
Canadian immigration 2020 | Immigration Tips
The Canadian federal government has announced that it will be admitting more than one million new immigrants over the next three years. With more than […]
Canada Work Permit
This week, the Trump administration issued a new executive order restricting economic immigration to the U.S. for the rest of the year. These types of […]
Canadian immigration 2020 | United States
As U.S. immigration programs become more restrictive, Canada is poised to welcome an unprecedented number of newcomers in the wake of COVID-19.
The Régie de l’assurance maladie Québec (RAMQ) offers healthcare coverage for students and foreign workers residing in Quebec. Foreign nationals must meet certain conditions and […]
Canadian immigration 2020 | Newcomers to Canada
Whether visiting or returning to Canada, you may be subject to an examination by a Canada Border Services Agency (CBSA) officer to determine your admissibility. […]
Canadian immigration 2020 | Inadmissibility
The Canadim Law Firm has been successfully helping newcomers come to Canada for almost 20 years. Regardless of whether you choose a legal professional like […]