Globe says Brookfield's Royal LePage finds housing hot
2023-05-26 07:36 ET - In the News
The Globe and Mail reports in its Friday edition that a new survey shows more than one in 10 Canadians own an investment property -- and their ranks are expected to grow over the next five years.
The Globe's Tara Deschamps writes that the on-line survey released by Royal LePage on Thursday shows 11 per cent or about 4.4 million Canadians are investment-property owners and at least half have a plan to add to their housing portfolio in the next five years.
The report says they will be joined by an estimated 23 per cent of people in the country without an investment property who intend to purchase one before 2028.
Phil Soper, Royal LePage's president, said the interest in real estate investments is coming from a confluence of factors, such as rising rents, housing shortages and record levels of immigration.
Housing affordability has been exacerbated by rising mortgage rates that have challenged homeowners and prospective buyers.
Though home prices have dipped from their pandemic highs, the rate increases have eaten into buying power and convinced many to stick with the surging rental market.
The national average home price was $716,000 in April, down 3.9 per cent from a year earlier but up $103,500 from January.