Overseas property market｜Immigration breaks record!Canadian rents have soared soaring by 20% in two years

2024-02-22 10:28:24

As the number of immigrants to Canada continues to hit new highs, the population increased by more than 1.03 million in the first nine months of last year, equivalent to about one-seventh of the population of Hong Kong. At the same time, the increase in the number of immigrants has also driven up rents in Canada! Some data indicate that local one-bedroom unit rents surged by 20% in two years last month.

The monthly rent for a one-bedroom unit in Vancouver is 1.56Ten thousand

According to the latest data released by Rentals.ca and market research company Urbanation, the average rent in Canada reached 2,196 Canadian dollars (approximately HK$12,740) in January this year, an increase of 10% from the same period last year. Compared with January 2020, it increased by 20%. Among them, the average rent for a one-bedroom unit in Vancouver is the highest, reaching 2,683 Canadian dollars (about 15,565 Hong Kong dollars); followed by Burnaby, British Columbia, with an average rent of 2,551 Canadian dollars (about 14,799 Hong Kong dollars); followed by Toronto’s 2,511 Canadian dollars (approximately HK$14,567). As for the cheapest city to rent a one-bedroom unit in Saskatoon, the average cost is 1,192 Canadian dollars (approximately 6,915 Hong Kong dollars). In the four provinces of Alberta, British Columbia, Ontario and Quebec, the average rent of shared living spaces (Share House) also increased by 18.5% year-on-year in January, reaching 1,010 Canadian dollars (approximately HK$5,859).

Overseas property market｜Immigration breaks record!Canadian rents have soared soaring by 20% in two years

The population grew by 96% in the third quarter of last yearfor immigrants

According to Statistics Canada data, as of October 1 last year, Canada’s population reached 40.528 million. From July to October last year, there were an increase of 430,000 people, an increase of 1.1%, the fastest growth rate since 1957. In the first nine months of last year alone, the population increased by more than 1.03 million people, exceeding the total population growth in any other year since the founding of Canada’s Confederation in 1867. The Bureau of Statistics pointed out that 96% of the population growth in the third quarter of last year was international immigrants. The number of non-permanent residents, mainly holding work and study permits, increased from approximately 2.199 million to 2.5114 million, a net increase of 312,800, the largest quarterly increase since 1971.

Overseas purchase ban Hong Kong immigrants to Canada buy and sublease

Many Hong Kong immigrants have strong families, but Canada’s policy prohibits overseas people from buying Canadian properties for two years, so they are forced to buy to rent, thus driving up rents. Although local policies prohibit overseas people from purchasing properties, those with residence status can also purchase properties as long as they complete the relevant application procedures. However, the entire application process takes time. For example, you must have at least 1 year of work experience before you can file taxes and save your personal credit rating. , apply for a mortgage, and have proof of local address, etc. Therefore, Hong Kong residents who have just landed in Canada still need to rent an apartment.

Re/max Crest Realty’s licensed property sales and property management consultant Zhu Mouzhen said that areas with very “hard” property prices and rents must be areas close to the Sky Train, mainly because people who have just arrived in Hong Kong may not have local drivers. license, so I chose to settle near the Sky Train with convenient transportation for convenient travel.

Overseas property market｜Immigration breaks record!Canadian rents have soared soaring by 20% in two years

Sky TrainPopular rental properties 5people competing for price

Zhu Muchen also pointed out that two months ago, he took over a new one-bedroom apartment for rent of about 580 square feet in the west of Coquitlam. Because it is located above the subway station, it only takes 5 minutes to walk to the subway station and has various supporting facilities. The scenery is also of high quality; however, you need to take public transportation to get to downtown Vancouver, which takes about an hour by car and about half an hour by car. The unit with parking space is available for sale at an asking price of CAD$2,700 (approximately HK$15,664). She said that she originally planned to suggest that tenants provide room for negotiation. Unexpectedly, as soon as the rental advertisement was posted, there were already 3 to 5 applicants bidding. Before viewing the property, bank information and personal credit ratings were sent to the prospective tenants. After the landlord accepted the bid, the prospective tenants I just planned to look at the property, and it showed that the rental market near the Sky Train is still very hungry.