21 Oct 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 home buyers 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 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. Number one reason cited is newcomers feel more welcomed as immigrants.
- Of newcomers who buy a home, the survey says 51 per cent buy a detached house, 18 per cent buy a condo, 15 per cent buy a townhouse and 13 per cent buy a semi-detached house.
To read the full article Click Here.