A new report by Statistics Canada reveals insights into Canada’s real estate investors.
Aerial view of houses in Oshawa, Ont., seen from a Canadian forces Hercules on Saturday, Nov. 11, 2017. The federal election results mean potential new barriers for foreign real estate investors as well as some help for first time buyer, but not the more significant changes that opposition parties had promised.
But Zlatkin also explained that 2020 trends reflecting out-out-province investors in the East Coast remain relevant to the current housing market. In Ontario, Zlatkin explained, to buy a property that you could rent out for $2,000 you would need to pay upwards of $500,000 or $600,000. “When you look at how much is required and what kind of mortgage you’d need to qualify for, it makes a lot more sense to buy out east.”
Zlatkin believes a major factor is the competitive process of immigration in the country, which leans towards welcoming newcomers with high education and high-paying job eligibility. The same average income was traced to immigrant investors in Ontario, where as the average individual income for Canadian-born investors in the province was $100,000.
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