Langstaff Gateway Condos by Kylemore.Canadian real estate is mostly bought by new immigrants! The 2019 survey of new immigrants, commissioned by Royal LePage Real Estate, interviewed about 1500 people who had arrived in Canada in the past decade.Please Visit: Langstaff Gateway Condos by Kylemore to Get Your VVIP Registration Today!
The survey found that new immigrants spent about three years buying a house in Canada, and 75% of them came with savings or cash.
Phil Soper, president and CEO of Royal LePage, said in an interview with the Canadian Broadcasting Corporation that new immigrants account for about 21% of all home buyers in Canada. He said the figure shows that newcomers to Canada contribute a lot to real estate demand.
“We know that Canada is a country of immigrants, and we know that new immigrants are an important part of economic growth. What surprises us about this data is how important new immigrants are to the Canadian real estate market.
Royal LePage estimates that if the current level of international migration is maintained, new immigrants will buy 680000 homes in Canada over the next five years. The forecast for home sales is based on data from Statistics Canada, the homeownership rate of new immigrants and the Canadian Real Estate Association.
Royal LePage defines new immigrants as people who have lived in Canada for 10 years or less. They include immigrants, students, refugees and citizens from other countries. According to the company, 31 per cent of new immigrants are based on families, 25 per cent are students and 20 per cent are alone.
Phil Soper said that Canada has a total of 2 million to 3 million new immigrants, while Canada’s total population is about 37 million. He pointed out that about 300000 people come to Canada as immigrants each year.
To our surprise, many new immigrants to Canada want to own a house. Almost all the new immigrants come to Canada with part of the money for buying houses.
The survey found that 86% of new immigrants think real estate is a good investment. The survey also shows that about 32% of new immigrants in Canada own homes, while 68% of Canadians are already homeowners. Among the new immigrants who bought houses, 51% bought independent houses, 18% bought apartments, 15% bought townships, and 13% bought semi-detached houses.
“We welcome most immigrants with skills and capital, because Canada is an ideal place to live in the world,” Soper said. Frankly, we can choose the best and brightest people from all over the world to live here.
The survey found that 82% of the new immigrants live in the area where they landed for the first time. The Greater Toronto area, British Columbia and Greater Montreal are the three main homes for new immigrants. 75% of new immigrants do not consider settling in the United States before arriving in Canada. According to the survey, new immigrants feel more popular in Canada than they are in the United States.