Positive Effects Of Vaccine On Canadian Real Estate & Migrations

SYED MAHMOOD NAQVI

Vice President | MB Enterprises

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 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 behaviors & the interest rates involved in Real Estate Canada. the amount of immigration numbers which is expected to rise to overcome the impacts of COVID-19. It is highly expected that the number of cases will rise to at least 400,000 annually i.e. in just a period of one year. These are huge figures planned according to the Canadian immigration services who think that this increase is a necessity to balance the number of migrants in Canada in next two to three years. COVID-19 has been a major cause of stop in the decline of migration numbers that were reduced due to the lockdowns and economy facing shut downs and sudden decline in many sectors as the real estate sector is concerned, it will definitely be boosted with the introduction of the vaccine and an automatic increase in the migration numbers. It will also boost the rental market of the Canadian Real Estate as new buyers will act as a catalyst to the current situation.

POSITIVE IMPACTS OF MIGRATIONS TO CANADA:

According to figures and statistics new comers coming to Canada accounts for more than a fifth of the housing

markets. This will help 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 declining. This is not only a positive sign for the real estate sector, it is good for the Canadian economic growth as well. 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 have been seen in two major cities in Canada 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 i.e. the highest level in 21 months and 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 market.

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 the COVID-19 vaccine, health will be boosted in regions affected by the pandemic, and automatically the contributions of new comers in Canada will be a huge boost towards the Canadian Economy.