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.
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. “Condominium apartments are obviously a popular choice amongst first-time home-buyers,” said Jason Mercer, TREB’s chief market analyst. “Moreover, it is also important to remember that condominium apartments owned by investors represent a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade.
The poll of 1,500 people who arrived in Canada within the last 10 years found more than half of newcomers — 54 per cent — chose Canada because it’s a good place to live and work while three quarters said they didn’t consider moving to the U.S., with 31 per cent citing a better reception for immigrants in Canada and 26 per cent saying it was safer.
The same as every other decade then.
What about money laundering?
Canadian real estate at 75 cents is a bargain. Especially in Toronto and Vancouver.
Yeah, When majority of them are on govt assistance its a circular transaction where the taxpayer pays and the liberals claim its an economic boom. cdnpoli
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