New data issued by the Statistics Canada and Canada Mortgage and Housing Corporation (CMHC) highlights the booming period which Canadian housing is experiencing. Record numbers of people are opting to pursue a new life in Canada, thus contributing to the growth in the housing industry.
With Canada emerging as a popular migrant destination, the country has highlighted skilled workers as a key group, to attract and news of the housing boom will only go towards supporting this.
Immigration is playing a key role in the current housing market of Canada. Not only does the influx of people result in a higher demand for accommodation but it seems that such work is being sourced to migrants with expertise in such fields in order to meet the growing demands.
The recent report which focuses on the effects of the strengthening housing situation in particular, forecasts that 525 single detached starts, 20 semi-detached units, 40 apartment condominium ownership units, and 130 apartment rental units have /will start in 2008.
The CMHC contribute the results down to “Sustained job growth and positive migration are supporting more single detached home starts in 2008.” They say that the hot resale market is another key for strong new residential growth.
Canada’s skilled migration program and other visa projects are constantly being assessed in order to improve their efficiency. With this in mind, it is unlikely that the housing market and demand in particularly is likely to slow. After all Canada has seen population growth throughout its provinces and cities for the past four years.