There are always speculations on who is buying real estate in Canada, particularly in the more expensive cities like Vancouver and Toronto. In the last 12 months, I have had the pleasure of assisting home owners from all over the world.
Contrary to popular belief, they are not Off-Shore investors trying to make a big return, flip, assign, or let the house sit empty while our rental supply goes down. I call these people believers. I wanted to show these figures as it’s important to note that usually a New Comer (to get a mortgage) is someone who is living, working, and paying taxes here.
Some of these stats are return buyers whom with their hard work and persistence upgraded their home in less than 5 years. My next post will go into more detail so please stay tuned. Of course, foreign ownership has been a popular topic to discuss and it should not be ignored. However, it’s important not to paint everyone with the same brush and see how hard these believers work in order to get into the market.