September 9, 2013
Immigration Helping the Housing Market
While immigration is deemed to help diversify the country, contribute to labour shortages and reunite separated families, it is now also proving to help with the housing market. A report issued last week by National Bank Financial gives credit to the high level of immigration for the 20-44 age group for the current strong housing market. This age group is the household forming group which increases the demand for housing.
In 2012, there was a population increase of 1.1 percent of the household forming age group. Without immigration, Canada would have joined the rest of the developed world in a slight decline.
Senior economist for National Bank Financial, Matthieu Arseneau remains positive that the current population growth will mitigate the Canadian housing market’s reaction to rising mortgage rates as the growth for this age group decelerates in the next five years.
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