Latest in Mortgage News: New Immigrants Driving Housing Demand

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The growing demand for real estate in Canada is being driven largely by newcomers, who are making one out of every five home purchases in the country, according to a new survey.

New immigrants to Canada (defined as those who have arrived within the last 10 years) represent 21% of homebuyers and are expected to purchase more than 680,000 homes over the next five years as long as immigration levels remain stable, according to a survey commissioned by Royal LePage.

“In addition to supporting Canada’s economic growth, newcomers to Canada are vital to the health of our national real estate market,” Phil Soper, president and CEO of Royal LePage said in a statement.” It is not surprising that newcomers see a home in Canada as a good investment.”

Original Article Source Credits: CANADIAN MORTGAGE TRENDS, https://www.canadianmortgagetrends.com/

Article Written By STEVE HUEBL

Original Article Posted on : OCTOBER 25, 2019

Link to Original Article: https://www.canadianmortgagetrends.com/2019/10/latest-mortgage-news-new-immigrants-driving-housing-demand/
 

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Based in Edmonton, Stefan Cherwoniak is a mortgage broker at Quickfire Mortgage Solutions, providing his services across Sherwood Park, St. Albert, Edmonton & the surrounding areas.