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21 Oct 1 in 5 Homes in Canada Bought by Newcomers

Posted at 06:55h in Press by

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1 in 5 Homes in Canada Bought by Newcomers

“Ottawa is a very attractive destination for newcomers to Canada. Similar to Canada’s other urban centres, the city offers best-in-class healthcare, great schools and safe, friendly communities but with real estate prices roughly half of the cost of Toronto and a third the cost of Vancouver,” said Jason Ralph, managing partner, Royal LePage Team Realty in Ottawa. “The demand from both newcomers and first-time homebuyers has put considerable upward price pressure on inventory between $300,000 and $500,000.”

The Royal LePage 2019 Newcomer Survey was released this month. Some key highlights from this national release include:

  • Canadian newcomers are projected to make 680,000 home purchases over the next five years.
  • 82% of newcomers choose to stay in their first city of residence.
  • 75% of newcomers arrive with savings to help purchase a home.
  • 75% of newcomers do not consider moving to the United States prior to arriving in Canada. The number one reason cited is newcomers feel more welcomed as immigrants.
  • Of newcomers who buy a home, the survey says 51 percent buy a detached house, 18 percent buy a condo, 15 percent buy a townhouse and 13 percent buy a semi-detached house.

To read the full article Click Here.

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