Norm Fisher, Broker/Owner of Royal LePage Vidorra and Kyle Benning of GlobalNews discuss the impact of "newcomers to Canada" on the local and national real estate markets.
A recently released report from Royal LePage shows that "newcomers to Canada" are behind one in five homes sold across the nation. That number goes to two in five in the Prairie region.
The survey found that 86% of newcomers (anyone who has moved to Canada in the past ten years) see real estate as a good investment and 75% of respondents arrived in Canada with savings to help them purchase a home.
Most typically, these folks settle into a rental home or stay with family initially. On average, those interviewed for this report purchased within three years of arriving in Canada.
At the current rates of immigration, it's expected that newcomers will purchase 680,000 Canadian homes over the next five years, 71,000 within the prairie region.
Read the full report here.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra