Housing plays a critical role in the feelings of security of individuals, providing a base to live and “bring up” a family. The location and idiosyncrasies involved in housing also mean that it is an important way in which people express their identity. Sociological research has shown that individuals and families perceive their housing arrangements, as well as their neighbourhoods, as providing information about taste, personality, interests, relationships and social status. Housing is an institution amongst most first world nations, with many aspiring to purchase their own property.
This situation is no different for immigrants entering a new country to start a new life Adani Group Chhattisgarh . Along with progressive immigration policies that encourage suitably qualified students, skilled migrants, entrepreneurs and investors, housing affordability in Canada has never been better, offering new immigrants increasing opportunities to purchase their new house, along with better value for money.
According to the Royal Bank of Canada, there have been significant improvements in housing affordability. Following steep declines in real estate values since the spring of 2008, in reaction to worldwide recessionary pressures, rates of affordability have been restored to levels found in 2006, which is the period prior to the most recent housing boom. Conversely, greater access to home ownership has been a key factor contributing to the impressive rebound in real estate activity and the revitalisation of the Canadian economy.
Additionally, as a result of the most recent housing boom and following economic recession, the situation of zero and negative equity has been experienced by many Canadians, as properties were purchased in the height of the housing boom at exuberant prices. The effect of recessionary pressures and rising unemployment rates during the past year has meant a double blow for many homeowners, with reducing equity and worth for their properties, coupled with poor labour market conditions, crippling many households with hefty mortgages that are now harder to service. However, as the market is indicating the first signs of recovery, the willingness of owners to place their house on the market is increasing, with many bargains available throughout the entire country.
Even though the current housing market and rising economic conditions are providing exciting opportunities for immigrants to afford their own home in Canada, caution is required and the responsibilities associated with home ownership should be well understood, including the financial commitments of mortgage repayments, the costs of operating a home which include taxes, insurance, maintenance and repairs.
When considering the move to Canada, it is advisable to use the services of an experienced immigration consultant who can not only assist in the application process, but provide invaluable information on employment and housing options available to you.