Monday, February 13, 2017
What census data means for investors
The latest Canadian 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.
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.
If you are interested in learning more about how immigration can effect real estate, please click here
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