The Real Estate sector in Canada has been suffering immensely due to the adverse effects of COVID-19 on the prestigious & high profit giving sector. However, it is much predicted that with the introduction of the COVID-19 vaccine many things will become positive & gather themselves towards stability & back to normal. Apart from the lifestyle of people living in Canada it has a lot to do with the real estate behaviours & the interest rates involved in Real Estate Canada.
Vaccine will help in an increase in the amount of immigration numbers. The expectancy in the rise in numbers is certain while overcoming impacts of COVID-19. 400,000 annually is the expected rise in the number of immigration cases to Canada. These are figures in just a period of one year. According to Canadian immigration services, the figures are huge as planned. Ironically, they think that this increase is a necessity to balance the numbers. These are figures of migrants in Canada in next two to three years.
Reduction in migrations and figures getting to a halt is mainly due to COVID-19, the pandemic. It was mainly due to the lock downs and economy facing shut downs. Furthermore, it also caused sudden decline in many sectors. As far as real estate sector is concerned, it will definitely be boosted with the introduction of vaccine. Hence, it can cause an automatic increase in the migration numbers. It will also boost the rental market of the Canadian Real Estate. Hence, as new buyers will act as a catalyst to the current situation.
POSITIVE IMPACTS OF MIGRATIONS TO CANADA:
As according to figures and statistics new comers coming to Canada accounts for more than a fifth of the housing markets. This will be helping boost real estate in Ontario, British Columbia & Quebec according to a survey. According to the Real Estate stats & figures immigrants buy 21% of houses and they may purchase 680,000 homes during the next five years if the level of migrations are maintained in Canada. This is highly likely as most Real Estate experts believe that it will rise instead of getting towards decline.
This is not only a positive for the real estate, it is good for the Canadian economic growth. Experts truly believe that newcomers to Canada are vital to the health of their National Real Estate market. They will boost virtually all the interconnected sectors that are elementary for the growth of Canada. Newcomers are not only investing in the Canadian real Estate, they are also investing in their family’s future.
There has been seen variations in two major cities in Canada. Hence, as prices have fallen in Vancouver and the increases slowed in Toronto. The buying activity rose another 0.6% in September to 512,000 units. Amazingly, i.e. the highest level in 21 months. Furthermore, a huge 6.6% above the 10 year average. These are figures according to the Canadian Real Estate Association. The Toronto Real Estate is one of the key contributors to the Canadian Real Estate markets. They reported that Condo sales in the third quarter rose to 11.1% as compared to the same period last year.
With the introduction of COVID-19 vaccine health will be boosted in regions affected by the pandemic. Therefore, automatically the contributions of new comers in Canada will be a huge boost towards the Canadian Economy.