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“New residents” are defined as immigrants, international students, refugees and visitors from other countries who have lived in Canada for less than 10 years. 31% of new residents have families, 25% of new arrivals are international students, and 20% are single.
The survey, called New Residential Real Estate in 2019, found that it takes an average of about three years for new residents to buy their first home, and 75% of residents come to Canada with their previous savings or cash to buy a house.
The survey, conducted by Leger, a polling and market research company commissioned by Royal Real Estate, polled about 1500 new residents who came to Canada in the last 10 years and conducted an online questionnaire in August.
As we all know, Canada is a country of immigrants, and new immigrants are an important part of Canada’s economic growth. But the proportion of home buyers is still surprising, highlighting the importance of new immigrants to the Canadian real estate market. If the current rate of immigration remains the same, Royal Real Estate estimates that in the next five years, only new immigrants will buy 680000 homes.
Ontario (46%) is the place where most new immigrants go to settle down, Ai province has the highest proportion of new residents buying houses (45%), and prairie provinces have the highest proportion of new residents buying houses (41%).
This forecast is based on historical immigration figures provided by Statistics Canada, surveyed new immigrant ownership rates, and transaction data from the Canadian Real Estate Association (CREA) and the Canadian Mortgage and Housing Corporation (CMHC).
British Columbia is Canada’s third largest destination for international immigrants, after Ontario and Quebec. In Dawen, the home ownership rate of new residents is 32%, which is in line with the national average in BC and Canada. Dawen is one of the most livable areas in the world, and new residents are optimistic about their lifestyle and employment, Royal Real Estate said.
72% of new BC residents rent their first homes, 9% live in their own homes, and 13% of new residents live with relatives and friends, spending little or no money on housing. They have a demand for all types of housing, some value independent houses suitable for extended families, while others prefer the convenience and economy of apartments.
32% of new residents are families with children, followed by 28% of international students, immigrants who apply separately (20%) and small families without children (14%). Basically, they all have good confidence in the provincial real estate market, because 85% of respondents in BC province think that buying a house is a good financial investment.
In British Columbia, 86% of new residents have not changed cities since they arrived. At present, new residents account for 15% of home buyers in British Columbia. It is expected that in the next five years, new residents will buy 91000 homes at the current rate of migration.