After a frenetic 18 months when Canadians pushed up home prices in a quest to ride out the pandemic in comfort, another influx of buyers is set to provide more fuel to the overheated real estate market.
“Canada’s strong population growth is a factor driving our home prices upward at a faster pace than in many other economies,” said Bank of Montreal chief economist Douglas Porter, who analyzed the relationship between population growth and home prices in 18 developed countries. Meanwhile, countries with shrinking populations have experienced stagnant or falling home values. Japan’s population declined by an average of 0.2 per cent each year, and home prices there rose an average of 0.2 per cent annually.
In contrast, a typical Canadian-born buyer in British Columbia in the lowest income quintile, with median annual income of $32,300, spent a median of $396,000 on a home “If you are an economic immigrant and you don’t have other opportunities, real estate becomes one of the fastest wealth generators,” said Andy Yan, director of the city program at B.C.’s Simon Fraser University. “They are wealthy. But when they try finding a job, it goes south.”
Canada’s six largest metropolitan areas – Toronto, Vancouver, Montreal, Edmonton, Calgary and Ottawa – used to be the top destinations for immigrants. But that has been changing.
Socialized housing…. It’s enough of this shit it doesn’t work….. it’s inhumane in a place that has winter to have homeless and ppl struggling to find or retain shelter. I suggest looking at Vienna. This isn’t sustainable.
CANADA MUST STOP IMMIGRATION TO REDUCE GLOBAL EMISSIONS! Each migrant from India adds 13 tons of CO2/year after moving to Canada Emission in India is 1.57 te/person/year against 14.91 te in Canada! JustinTrudeau theJagmeetSingh SeanFraserMP S_Guilbeault erinotoole jjhorgan
Quit trying to sensationalize the real estate mkt G&M.. not even current home owners can afford these prices. We’re heading for economic ruin because of the fascination with overpriced shelter.
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