By: Financial Post
Immigrant fuelled demand is helping to power Canadas housing market
Newcomers to Canada account for more than a fifth of the housing market, helping boost real estate in Ontario, Quebec and B.C., according to a new survey.
Immigrants buy 21 per cent of houses and may purchase 680,000 homes during the next five years if migration levels are maintained, the poll commissioned by Royal LePage shows.
“In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market,” Phil Soper, Royal LePage president and CEO, said in a statement. “Newcomers are doing more than investing in Canadian real estate, they are investing in their family’s future.”
The survey lands as the country’s housing markets rebound from the imposition of tighter mortgage rules over the past two years that were brought in to limit speculation and soaring prices in markets such as Vancouver and Toronto.