Recent immigrant buyers are purchasing homes at a median price of about $660K, despite having lower incomes than Canadian-born buyers. This trend is seen across the country, with newcomer buyers in British Columbia spending a median of $660,000 on homes, compared to $580,000 for Canadian-born buyers.
In other provinces, such as Nova Scotia and Manitoba, the pattern is similar, with newcomer buyers purchasing homes at higher prices than Canadian-born buyers, despite having lower incomes. For example, in Nova Scotia, newcomer buyers spent a median of $390,000 on homes, compared to $285,000 for Canadian-born buyers.
This trend may have significant implications for Calgary buyers, sellers, and investors. With newcomer buyers taking on more mortgage debt, there may be a greater risk of financial strain and decreased savings rates. As the Calgary real estate market continues to evolve, it's essential to consider the potential impact of this trend on the local market.
Sources: Canadian Mortgage Trends