IMMIGRANTS IN CANADA WILL CONTINUE TO BOOST REAL ESTATE MARKET IN THE NEXT 5 YEARS
BY: GIN AGUILAR
Every year, more than 200,000 immigrants from different countries around the globe are being admitted and welcomed as new immigrants by the government of Canada. It should come as no surprise then that if the current international migration level remains the same, immigrants in Canada will continually boost the real estate market and are projected to acquire 680,000 homes over the next five years.
According to the Newcomer 2019 survey done by Royal LePage real estate company, newcomers to Canada make up 21 percent of homebuyers. For the said survey, “newcomers” have been described as persons who relocated to Canada within the last 10 years. Respondents consist of immigrants, refugees and people with a student or working visa. The average time spent in Canada by respondents is four years.
President and CEO of Royal LePage Phil Soper mentioned in a news interview with CBC’s Radio-Canada that “In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market’’. Soper also said that new immigrants represent between 2 to 3 million people, while the total Canadian population is approximately 37 million. “What was remarkable to us is just how many newcomers coming to Canada are focused on owning a home. Depending on the region of the country, almost all newcomers arrive with the necessary funds to purchase a home,” Soper further added.
The survey revealed that 86 percent of newcomers see real estate as a good investment. “It is not surprising that immigrants view owning a home in Canada as a good investment. Having lived abroad myself, I have seen first-hand the challenges of relocating a family to a different country. It takes courage and commitment. Newcomers are doing more than investing in Canadian real estate, they are investing in their family’s future,” Soper continued.
It is also important to note from the survey that upon arriving in Canada, 64 percent of newcomers prefer to rent, while 18 percent opt to live with family or friends to avoid high rental costs, and 15 percent purchase their own homes.
Recently, Canada has been ranked as the country with the highest quality of life and has always been included as one of the best countries in the world. The maple-leaf country is also known to have one of the most tolerant immigration policies in the world. It is, therefore, no wonder that most of the immigrants arrive with the needed knowledge, skills and capital because Canada is one of the top choices for skilled and capable people to live and settle with their families.
JCA LAW OFFICE has dedicated and competent Filipino-Canadian lawyers who will gladly help and ensure that your real estate closings (purchase and sale) and refinancing transactions will be smooth and stress-free. You may visit us at 168B Eglinton Ave. East, Toronto, ON M4P 1A6. We also have a satellite office conveniently located at 4th Floor Suite 406 of 160 Eglinton Ave. East, the same building where our Philippine Consulate office is currently located. We likewise have capable and hardworking licensed Immigration consultants to assist you regarding your immigration matters.
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