Whoever is living in Canada aims to study, work & buying a home in Canada. Immigrants work hard to buy their dream house in an ample-rich or multicultural country.
Now, there is the latest update has come related to homeownership.
Continue with Axis Visa Immigration to know that.
Latest Updated Related to Buying a Home in Canada
According to a recent report by the Canadian Mortgage and Housing Corporation (CMHC), homeownership is expected to be more attainable in the prairie provinces of Canada in the next two to three years.
The report, released on April 27, provides insights into the housing supply and cost outlook from 2023 to 2025.
The CMHC report suggests that while homeownership may become more feasible in the prairie provinces of Canada, the national housing market is still facing challenges in terms of supply and affordability. The increase in mortgage rates and ongoing high prices are contributing factors to the affordability concerns across the country.
About Prairie Provinces
Prairie Provinces cover the areas like Alberta, Saskatchewan & Manitoba. As per the latest update, these areas are expected to see a boom or more positive housing market developments than other regions in Canada.
The report says this is because of a much smaller decline in housing starts in 2023.
As per the Canadian Real Estate Association, the average house price in these provinces is below $470,000. Moreover, the report indicates that Calgary’s housing price growth will decelerate in 2023 due to decreased demand for single-detached homes, with a preference for town-homes and condominiums.
For Atlantic Region
When we talk about Atlantic that means we are talking about Nova Scotia, New Brunswick, Prince Edward Island & Newfoundland & Labrador. There is no doubt that these regions are viewed as moderated when compared to the other regions in the report.
According to the report, it is anticipated that a significant number of housing construction projects will be finished by the conclusion of 2023, thereby alleviating some of the strain on the housing market.
About Canada’s Most Popular Provinces
Talking about the most popular provinces of Canada – Ontario, British Columbia & Quebec, they are likely to see significant drops in housing starts compared to other regions in Canada.
Canada’s major housing markets, including Toronto, Vancouver, and Montreal, are experiencing a notable strain on housing supply. The situation in Vancouver indicates a decline in house starts due to developers grappling with a diminishing customer base for condominiums, along with increased construction and financing expenses.
Furthermore, the report foresees rental demand surpassing the growth rate of purpose-built rental supply in Vancouver.
Similarly, Toronto faces a comparable outlook, emphasizing high prices in the coming years and a backlog in construction as key factors contributing to the limited housing supply.
Take the Advice of Experts – Axis Visa Immigration
The above information is helpful but you may need the expert’s advice to know when or where you should buy a home in Canada. Therefore, contact the immigration experts – Axis Visa Immigration where we guide our clients about the Canada study, visitor or work visa & make their relocation process stress-free & affordable.
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