Demographic Changes Impacting Canada’s Housing Market
Canada is undergoing a major demographic change that is impacting its housing market in a variety of ways. A new report by Scotiabank states that as increasing numbers of Canada’s “baby boomers” retire over the next few decades, house sales are likely to go down, even as condo sales go up. This forecasted trend is due in large part to a growing number of older Canadians desiring to stay put in their existing houses and also increasing numbers of older Canadians who are living alone and moving to condos (which are often smaller and easier to take care of than houses with yards).
The Scotiabank report notes that back in 1961, only 8% of Canada’s population was age 65 or older, but this percentage has grown to 15% as of 2011. Furthermore, it points out that 80% of Canadians 65-years-old or older remain in their existing homes, while 20% of them will move into a different home. Also, the Scotiabank research reveals that in 1961, 9% of all Canadians lived alone in one-person households, but in 2011 that figure jumped to 28% (resulting in large measure from more widowed women living alone). In fact, the number of one-person households now outnumbers households containing two parents and children in Canada.
Another key demographic change affecting Canada’s housing market is the impact of Canadian immigration. Although Canada’s economy continues to expand at a healthy rate, because of the large numbers of older Canadians retiring from the labor force, there is a severe shortage of qualified skilled workers to fill thousands of Canada job openings across the country. One way that Canada’s government is addressing this issue is through increased Canadian immigration. Last year, for example, the Canadian government issued 257,515 people from around the globe a Permanent Resident Visa to Canada. A Permanent Resident Visa to Canada allows a skilled foreign worker to legally live, work and study in Canada and to apply for Canadian citizenship after as few as three years.
Currently, Canadian immigration accounts for around 66% of Canada’s annual population growth, but by 2031, Canadian immigration is expected to account for 75% of the country’s increase in population. Although many people who are issued a Permanent Resident Visa to Canada rent homes when they first arrive in the country, the Scotiabank report states that often they will purchase houses within 6-10 years after making Canadian immigration. Thus, as Canada’s population ages, a growing number of Canadian homeowners are likely to be recent immigrants.
Canada is a beautiful and diverse country of 35 million people (20% of whom were born outside of Canada) which offers qualified skilled foreign workers great Canada job opportunities and the chance to enjoy a high standard of living. If you would like to learn more about Canadian immigration and various programs for being issued a visa to Canada, click here!
The Scotiabank report notes that back in 1961, only 8% of Canada’s population was age 65 or older, but this percentage has grown to 15% as of 2011. Furthermore, it points out that 80% of Canadians 65-years-old or older remain in their existing homes, while 20% of them will move into a different home. Also, the Scotiabank research reveals that in 1961, 9% of all Canadians lived alone in one-person households, but in 2011 that figure jumped to 28% (resulting in large measure from more widowed women living alone). In fact, the number of one-person households now outnumbers households containing two parents and children in Canada.
Another key demographic change affecting Canada’s housing market is the impact of Canadian immigration. Although Canada’s economy continues to expand at a healthy rate, because of the large numbers of older Canadians retiring from the labor force, there is a severe shortage of qualified skilled workers to fill thousands of Canada job openings across the country. One way that Canada’s government is addressing this issue is through increased Canadian immigration. Last year, for example, the Canadian government issued 257,515 people from around the globe a Permanent Resident Visa to Canada. A Permanent Resident Visa to Canada allows a skilled foreign worker to legally live, work and study in Canada and to apply for Canadian citizenship after as few as three years.
Currently, Canadian immigration accounts for around 66% of Canada’s annual population growth, but by 2031, Canadian immigration is expected to account for 75% of the country’s increase in population. Although many people who are issued a Permanent Resident Visa to Canada rent homes when they first arrive in the country, the Scotiabank report states that often they will purchase houses within 6-10 years after making Canadian immigration. Thus, as Canada’s population ages, a growing number of Canadian homeowners are likely to be recent immigrants.
Canada is a beautiful and diverse country of 35 million people (20% of whom were born outside of Canada) which offers qualified skilled foreign workers great Canada job opportunities and the chance to enjoy a high standard of living. If you would like to learn more about Canadian immigration and various programs for being issued a visa to Canada, click here!