Dear ,
If you’re a prospective newcomer to Canada with a plan to eventually buy your own home, you should give some attention to trends in the housing market where you first plan to settle.
A recent Royal Lepage survey found even though 75 percent of newcomers arrive with savings to buy a home, the average time immigrants wait to purchase a home is three years. Significantly, the study also showed that 82 percent of newcomers choose to stay in their first city of residence, driving home the importance of settling in a city where the price of a house is affordable.
According to the Re/Max Fall Housing Market Outlook the average price for a single detached home in Toronto is $1,692, 925 (Cdn $). In Vancouver it’s $1,927, 953. But in a secondary city such as Ottawa it’s $775,020, in Halifax it’s $402,484, and in Regina it’s $323,600. Obviously, the difference in price between gateway and secondary cities is significant. You might want to factor this into your choosing a city/settlement/job and home buying strategy. Especially considering Canadian housing prices are forecast to grow by double-digits in 2022.
This month's housing newsletter is focused on the City of Ottawa, with information on both rental and home buying prices and trends along with labour market news.
I would encourage you to spend some time doing your research on landing location options.
Your decision to land in a large city like Toronto or a smaller city such as Ottawa can have a big impact on your plans and ability to eventually buy a house.
David Frattini
Managing Partner
Prepare for Canada & Rentals for Newcomers