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Migrants represent 15% of home purchases in BC – the lowest rate in Canada

Migrants represent 15% of all home purchases in British Columbia, a new study commissioned by Royal LePage has shown.

That is the lowest rate in all of Canada.

The national average for foreign-born home purchases is 21%.

According to the survey, migrants across the country are expected to make 680,000 purchases over the next five years.

<who> Photo credit: Royal LePage

BC is the third-most popular destination for international migrants (behind Ontario and Quebec), with Greater Vancouver the most popular destination.

“Newcomers are contributing to demand across housing types,” said Randy Ryalls of Royal LePage.

“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.”

Most newcomers to BC, however, rent their first home (72%) while a minority buys immediately (9%).

Across Canada as a whole, migration accounted for 80.5% of the country’s population growth in 2018.

“In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market,” said Phil Soper, president and CEO of Royal LePage.

“The combined demand for affordable housing among younger Canadians and new Canadians can be met through housing policies that encourage smart and sustainable development, with a focus on protecting and developing green spaces in our urban centres.

<who> Photo credit: File

“Canada’s economy and labour markets are expanding and it is crucial that housing supply keeps pace.”

But despite this demand for a home, the country’s foreign-born population has a much lower homeownership rate than natives.

Only 32% of newcomers own a home, compared to 68% of Canadians.

The survey also found that most newcomers are not considering a move to the US (75%), with nearly a third saying they feel more welcome as an immigrant in Canada.

Another 26% said they feel that Canada is a safer place to live than south of the border.



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