Immigration to boost Canada housing market
Canada, 24th August: Immigrants to Canada have a great role in maintain Canada housing prices in the next ten years.
This has been revealed by the findings of a recent CIBC World Market report.
Immigrants, young buyers to boost Canada housing market— Increasing influx of immigrants heading to Canada will play a significant role in reversing the likelihood of downfall in Canada housing markets.
Immigrants coming to Canada can make a big contribution to the housing market heading towards an imminent fall. This has been revealed by a senior economist at CIBC World Markets, Benjamin Tal. And this is a saving grace for Canadian housing market heading towards an imminent downturn in the coming times.
Canada demographic changes to favor Canada housing market--Apart from immigrants, it’s the demographic changes in Canadian population that seem to be favoring the positive developments in the housing market of Canada in the coming decade, affirms Tal, a deputy economist with CIBC.
As Canada’s baby boomers reach retirement and sell their homes to get funds for living in the coming years, Canada housing market will experience a downturn. But, the experts affirm that Canadians in the age group between 25 and 34 comprise a big percentage of first-time buyers of homes.
And as their numbers continue to grow, they will ultimately help in an even stronger growth in Canada housing market, Tal reiterates. Hence, Canada housing prices will go up in the next ten years, the report says.
Immigrants’ home ownership to increase demand for Canada housing—Tal did not hesitate to clarify that increased immigration levels along with the propensity of immigrants to become home owners will lead to new highs in Canada housing market.
It is a fact that immigrants in Canada have a high rate of home ownership here. In case of those living here for nearly ten years, the rate of home ownership is a whopping 70 percent.
This shows that immigrants living in Canada for more than ten years enjoy a high rate of home ownership than their Canadian counterparts.
And in case of those having been in Canada for three years or less, home ownership rate is anywhere around 30 percent. With immigration levels all set to grow in the coming times, demand for Canada housing will also continue to touch new highs, the report summarizes.