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Immigrants main driver of Metro Van housing market

geographer Daniel Hiebert discovered that ethnic Chinese and South Asians become homeowners at a much higher rate than other immigrants and the general population.

is definitely an impact on the housing market, said Hiebert, who believes a key factor behind the phenomenon is that many new immigrants arrive in Canada major cities with a great deal of money.

The veteran researcher exclusive cross tabulation of housing and immigration data covering 2006 to 2011, found that on average 53 per cent of immigrants to Metro Vancouver during those five years became homeowners in that period.

They bought roughly 100,imitation rolex date just,000 homes in Metro Vancouver during the five years, ranging from suburban condos to ritzy mansions.

Chinese immigrants were at the top of all this. Kind of incredibly, their rate of home ownership was 73 per cent, Hiebert said.

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Roughly 52 per cent of newly arrived South Asians, the second largest immigrant group in Metro Vancouver, bought homes in that same five year period.

The rate of home buying among South Koreans was 51 per cent,fake rolex day date womens.

Rounding out the five largest recent newcomer groups during that period, the rate among white and Filipino immigrants was each about 44 per cent.

Hiebert, who has published major studies on immigration, housing and ethnic enclaves, believes immigrants are seriously affecting housing affordability at both the high and low ends of the market.

Prices of Metro Vancouver expensive properties those in the $4 million plus range are dramatically affected by immigrants, Hiebert said. But, at the low end, so are costs for new Syrian refugee families, who need government subsidies to afford a basic place to live.

While some of the new immigrants who end up classified as homeowners might be among the relatively few who arrive on a family reunification program and join an existing household, Hiebert believes most would be buying homes by transferring large financial resources into Canada.

think it would be a pretty big stretch for someone to arrive tabula rasa (without a lot of money) in a housing market like Vancouver and within five years be able to purchase a home in this place. That would be really difficult to expect,fake rolex date just, he said.

The Oxford educated professor has found what he has called an decisive correlation between high immigration to Metro Vancouver and high home prices.

The overall rate of home ownership among all residents in Metro Vancouver is almost 70 per cent out of a total 1.5 million households,imitation rolex day date, according to Hiebert work.

Based solely on visible minority status, and disregarding immigrant status, ethnic have the highest ratio of home ownership, followed by South Asians, Hiebert said.

percentage of home ownership among Chinese is 81 per cent, accounting for 290,000 Metro households, Hiebert said. South Asians are second at 75 per cent, or roughly 160,000 households.

these two largest groups, you got much of the immigrant picture, which is why the immigrant picture looks better than the other picture (for non immigrants), Hiebert said.

Among smaller ethnic groups in Metro Vancouver, 62 per cent of Filipinos own homes, as do 59 per cent of West Asians (mostly Iranians).

Hiebert, who frequently advises the federal government, said his research did not include studying the rate of home ownership among non immigrants, longstanding residents of Canada, or whites. Nor does it delve into the specific effects of foreign ownership on Metro Vancouver housing costs.

And even though Hiebert said the high rate of home ownership among immigrants has a impact on housing, he said more careful analysis of sales is needed to measure it precisely.

He speculated the roughly 100,000 homes bought quickly by immigrants who arrived in Metro Vancouver between 2006 and 2011 would represent a fraction of all houses sold in that period, adding that proportion could be calculated after learning how many homes sell each year in the region.

Craig Munn, spokesman for the Real Estate Board of Greater Vancouver, said in an interview the average number of houses sold between 2006 and 2011 across the region of Metro Vancouver (which contains 21 municipalities from West Vancouver to Langley) was about 44,000 annually.

That adds up to 220,000 home sales over that five year period, which means the proportion bought by immigrants who arrived in that time alone would be about 45 per cent.

Hiebert, basing his work on novel cross tabulations of the National Household Survey, found differences in new immigrants home ownership rates between Canada three largest cities.

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