Housing Market in Canada likely to be impacted by Immigrants
Immigrants contribute positively to the revival of housing market
Immigrants have always played a role in all spheres of Canadian development, starting from major inventions to labor class and even to skilled category jobs. Now, experts believe that even Housing Market will also get affected by them, in the days to come.
In fact, it’s a known fact to all that there massive changes brought in by the Finance minister in Housing Sector. The mortgage rules have been changed; the down payment percentage has been changed and so has changed the other norms. To put everything together things have become far more difficult than before for the investors and buyers. All this has called off the housing market and there seem to be downfall in the percentage of housing purchase.
A recent study conducted by Banks in the nation, it is mentioned that the rise in immigration will help the housing market to revive as before.
Suddenly the nation is witnessing an increase in number of people falling in the age group of 25 to 34. Mortgage and housing experts feel that most of the home buyers are in this age range.
Experts welcome the changes in immigration policy which favors the immigrants to come here and settle down.
Mr. Arkan, a Mortgage and Housing Market Expert says, “With a high number of immigrants and a relatively faster pace of population increase, housing market demand is not expected to go as low as previously predicted.”
CIBC has published a report which shows that the percentage of immigrants owning a house is much ahead of that owned by the natives.
20% of the Immigrants staying in Canada for more than three years now own home. Almost 70% of the immigrants staying here for more than 10 years own home.
Immigrants have another reason to contribute to the housing market; they come here at a very early age and aim to buy a home as soon as possible. Most of the home buyers are young, so immigrants are potential buyers.
The housing market is still experiencing a rise in the prices though but with time when there will be little recovery in the market, the immigrants will be probably the first customers.
Hence, Immigrants have always been potential contributors to the housing market.