Why more immigrants become homeowners after arrival?
1 in 5 homes in Canada was purchased by immigrants in 2019. The recent survey conducted by Royal LePage shows that newcomers became homeowners by purchasing roughly one in every five homes bought in 2019. Considering Canada’s immigration goals for the upcoming years, it can be expected that more than 680,000 homes will be bought by immigrants in Canada. But which Canadian province draws most attention?
The study surveyed 1500 people resided in the country during the last 10 years and revealed that newcomers consist of an average of 21% of all homeowners in Canada. A major percentage of them are highly skilled and educated who consider the real estate market a better investment.
In general, housing prices in Canada has dropped by 1% in the last quarter of 2019. This makes Canada’s housing market relatively affordable compared to 2009. Therefore, there is no wonder why new immigrants tend to buy real estate after their arrival in Canada. According to the study, the Canadian Government can meet the housing demands of newcomers by carrying out a number of housing policies that could encourage innovative and long term improvement.
In addition, most of the participants in the survey stated that the main reasons behind their immigration decision are that they saw Canada as a better place to live and work. Furthermore, 75 percent of respondents told that they had not considered relocating to the US since they think Canada is also a safer place to live while stating that the country welcomes them more as being an immigrant.
Most of the new immigrants (82 percent) declared that they have stayed in the region or city which they have initially arrived in. Among the regions, BC holds the highest retention rate of 86 percent, followed by Ontario, Quebec and Atlantic Canada.
In general, most of the newcomers choose Toronto, BC and as well as Montreal to live and rent which makes those cities to be the top ones, according to the survey. In addition, Alberta was the first place with a rate of 45 percent for the number of homes purchased by newcomers upon arrival. Similarly, this figure for Atlantic Canada and the Prairies was 45 and 41 percent respectively.
Taking all these given information and as well as Canada’s plan of accepting one million newcomers during the upcoming years into account, we can easily say that the time has never been this affordable in order to think about making Canada your home. If you have thought about owning a real estate in Canada, then now it may be the best time to give your decision.