Ottawa Real Estate Market Attracting International Home Buyers
The Ottawa real estate market isn’t just for locals anymore! According to a recent article I was reading, there are more and more international home buyers entering the market here.
What exactly is causing this? Let’s take a closer look!
More International Buyers Choosing Ottawa Homes for Sale
According to a recent story I was reading, more than 41,000 new Canadians – mostly from China, South Asia, Africa and the Middle East — arrived in Ottawa-Gatineau between 2007 and 2011, according to Statistics Canada.
Here’s a look at recent immigration estimates for the Ottawa-Gatineau area:
- Number of immigrants in Ottawa in 2007: 5,978
- In Gatineau in 2007: 1,210
- Number of immigrants in Ottawa in 2011: 7,145
- In Gatineau: 1,717
Analysts say that a lot of these immigrants are “economic immigrants,” which means they arrive with some money and English language skills and are quickly assimilated by the high-tech industries and other sectors.
On average, they buy their first home within five years of immigrating here.
Understandably, this wave of immigration is having an impact on the local housing market.
For instance, the new housing market is beginning to design more homes that are amenable to multi-generational homes, which is common in other cultures.
These homes might feature an optional master bedroom and bathroom on the main floor.
What’s more, some newer homes include a small prayer room with a foot bath off the mudroom.
More Characteristics of Immigrant Home Buyers
Generally speaking, experts say that immigrants prefer more of an urban setting than a rural setting. They also tend to favor neighborhoods where people from their culture already reside.
Some cultures shun certain types of housing altogether. For instance, those who practice feng shui are averse to homes where interior stairs lead right to the front door because they believe positive energy flows right out the door.
Keeping On Top of Our Ever Changing Ottawa Housing Market
I found the recent report on how immigrants are shaping the local housing market very interesting.
I think it’s important for any industry, including the real estate industry, to be cognizant of cultural differences and preferences.
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