A recent report, published by Royal LePage, stated that 680,000 homes will be purchased by new Canadians over the next 5 years.
Homeownership in Canada
In Canada, the homeownership rate is 68%, with new Canadians rating at 32%. Typically, new Canadians wait 3 years after arriving in Canada to purchase a home. Before that they are renting properties, allowing for a 3 year lag in time which is great news for investors. This gives us an influx of new individuals that are renting and, lucky for us, most of them are coming to the Greater Toronto Area.
The GTA is the largest population center in Canada. We are responsible for 20% of the GDP. Toronto has the economic growth engine, this is where the jobs are, and is the most multicultural…