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Vancouver Immigrants spend $820K more on their Homes

Posted By:  Susan Forrest on Jan 31, 2019

Vancouver Immigrants spend $820K more on their Homes

This is based on stats for homes bought between 2009 and 2016 and reveals that immigrants own 5% of single-family homes, with an average value of $2.34 million, some $824,000 more than those owned by the average Canadian.

There’s a larger gap for those who moved to the city earlier and StatsCan says Toronto has not seen the same trend;  the average assessment value of single-detached houses in Toronto owned by recent immigrants is $892,600,  $43,300 higher than the average among Canadian-born owners.

The agency says that the current study “does not attribute changes in property prices in Toronto and Vancouver to any specific socio-demographic or economic factor. To disentangle the causal impact of these factors, comprehensive socio-economic information over many years would be required.”

It notes that ownership generally reflects the share of population that immigrants make up in each city.

The report suggests that immigrants may own more expensive homes as they may not have large savings in traditional retirement accounts or other investments. Cultural attitudes may also play a part.

If you're thinking of buying or selling a home, condo, lot or land on Vancouver Island BC, contact the real estate professionals of Team Susan Forrest Royal LePage Parksville-Qualicum Beach, serving the Mid Island area including Nanoose Bay, Errington, Coombs, Hilliers, Whiskey Creek, Fairwinds, Craig Bay, French Creek, Qualicum Bay, Qualicum North, Horne Lake, Beachcomber, Rivers Edge, San Pareil, Lantzville, and Nanaimo

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