(Source: The Star)
While low interest rates have enhanced affordability, they are only one factor contributing to the market’s strength.
The steady stream of newcomers to the Greater Toronto Area, all of whom have housing needs, are another important factor.
According to Canada’s 2006 census, a detailed statistical report issued every five years, our proportion of foreign-born citizens has been growing since 1951 and has reached its highest level in 75 years.
It found that nearly one in five people in Canada are now foreign born. In fact, Canada ranks second only to Australia, where 22 per cent of the population is foreign born.
Read the full article by Tom Lebour, “Lebour: Steady flow of newcomers buoys demand for sales” in the Toronto Star (Dec. 18, 2009).