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!
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