Canada has welcomed, on average, 257,000 new Canadians as residents every year since 2006. In one of the biggest jumps in immigration, by the end of this year, we will have welcomed between 260,000 and 285,000 new permanent residents.
Getting into the real estate market has remained top of mind for newcomers to Canada as well, in fact 73 per cent of new Canadians believe that home buying is a good investment. And 20 per cent of Canada’s overall first-time homebuyer market is comprised of newcomers, so it’s important to consider what the best investment option is for this demographic.
As the state of the real estate market in Canada exists today, condos are the best “bang for your buck” in terms of an affordable investment opportunity.
Condo development has been driving the new construction market since 2008. Price increases have also been lower for condos than for single-family homes. Bottom line: newomers could have better luck finding an affordable home in the condo market than in the single-family home market. [Genworth Financial]
Supply for condos, particularly in Calgary, is very high with a lot of new developments in the construction phase right now as well. This is equating to an ideal world for buyers, the inventory is pushing down prices here in Calgary. A Genworth Financial study found that 3 in 4 Canadian newcomers believe finding the best interest rate is the most important part of homebuying, so if you’re new to Canada, don’t wait because rates are forecasted to go up.
Whether you’re new to Canada or just want to take advantage of real estate investment opportunities, please feel free to contact me via this website, or on Twitter.
