Newcomers to Canada buying 20% of real estate.
Updated: Nov 18, 2019
A new study recently released is showing that 20% of homes in Canada are purchased by newcomers.
This study which asked over 1,500 people recently new to Canada within the last 10 years, found that most respondents decided to move to Canada because work and lifestyle opportunities. When asked why didn't chose the U.S. most said they felt more welcomed as an immigrant to Canada.
The survey also found almost 90% saw real estate as a good investment.
Yet only 30% became homeowners.
Despite the desire to be a homeowner, only 32 per cent of the newcomers actually became first time homeowners, compared to a 68% homeownership rate for all Canadian first time homeowners.
This recent study also projects that newcomers will purchase almost 700,000 homes over the 5 years taking into consideration international migration forecasts.
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