The Royal LePage 2019 Newcomer Survey, shows that Canadian newcomers are heading to make 680,000 home purcahses over the next five years. British Columbia is the third most popular destination for international migration.
There is a 32% homeownership rate in Greater Vancouver. “Greater Vancouver is one of the most desirable places in the world to live and we attract newcomers who are optimistic about what the city has to offer in terms of both lifestyle and employment,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
The stats for the province showed that, 72% of newcomers rent their first home, 9% purchase, and 13% live with family or friends at little or no cost when they arrive in Canada.“Newcomers are contributing to demand across housing types. Families are searching for houses in family-friendly communities while those coming as individuals are drawn to condos which provide a lower maintenance lifestyle in convenient locations at a more affordable price point,” said Ryalls.
From the respondents there was 32% who arrived in British Columbia as part of a family with children, 28% of students, 20% of sole applicants, and 14% of couples with no children. Additionally, the stats showed that 85% of respondents in BC believe that homeownership is a good financial investment.
Newcomers represent 15% of all home buyers in the province and the projections shows that they will purchase 91,000 homes over the next five years. This is based on the current rate of international migration.