The latest census has provided the industry with immigration stats that point to increased real estate demand, according to one major company.
“There’s no doubt we’re saying major immigration coming into the GTA area and major centres throughout Canada. They need to live somewhere,” Shawn Zigelstein, a representative for Royal LePage, told MortgageBrokerNews.ca. “So definitely what happens right away is your lack of supply and more demand means increased prices.”
According to the latest census, released Wednesday, Canada’s population grew by 1.7 million between 2011 and 2016; 2/3 of that growth was due to new Canadians.
And that means increased demand for real estate.
For its part, Royal LePage was unsurprised by the immigration stats.
“Canada has always had a very open door policy, has always been looking outside; that’s how we were built as a country. We’re built upon that entire perspective of immigration. Does it shock me that we’re getting so much of it over the last four years? Not really,” Zigelstein said. “People are coming here, it’s a good country, it’s a stable country with lots of opportunities and (immigrants) are seeing that.”
So which parts of Canada are enjoying the largest population boom?
The West, for starters.
Alberta grew at twice the national average between this census and the last and Manitoba’s population increased by 5.8%.
Manitoba’s mark surupassed the national average for the first time in 80 years due, in large part, to immigration.
Nearly one-third of Canadians now live in the West
Calgary and Edmonton, meanwhile, were the fastest growing cities between 2011 and 2016.
Further east, Quebec’s population surpassed eight million and Ontario’s reached 13.4 million.
American interest in Canadian real estate merely window shopping?
Foreigner buyers switch targets
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