Newcomers represent one in five home purchases in Canada
Good News for the Real Estate Market!! At present, newcomers to Canada account for around 21% of home purchases nationwide, according to a new report by Royal LePage.
The analysis defined newcomers as those who have moved to Canada within the last 10 years. This category covered immigrants, refugees, foreign students, and those who are here for work. On average, the study’s respondents stayed in Canada for around four years.
Recent StatsCan data indicated that inbound migration comprised 80.5% of Canada’s population growth last year. At this current trend, newcomers are likely to be responsible for 680,000 home sales over the next five years, Royal LePage predicted.
This information is as posted on our Canadian Real Estate magazine and it only helps to substantiate the fact that not only are sales going to increase over the next five years but the demand will help keep prices on the rise. If you are in a position to buy contact your local realtor and get started!! It's never too late to buy real estate, but it's always a bonus if you have a heads up that your investment is going to grow!!
Happy House Hunting