What a Liberal Minority Means for Ontario's Real Estate Market

Starting the Decade with a Liberal Minority...

The liberal minority government has projected to increase the number of newcomers to Canada to between 350,000 and 400,000 a year by 2021. 

425,378 international migrants alone came to Canada in 2018. This is over 25,000 more than the projected number from this last election. This number includes immigrants from all areas, those who come for economic reasons, family class as well as refugees. Canada keeps projecting less immigration than is currently already happening. Even with a liberal minority, they are still projecting themselves to be in a similar position in terms on immigration in these coming years.

In terms of refugees, the Liberals most recent budget is set to allocate $1.2 billion in funding towards improving border security and refugee processing, which had been previously been facing strong growing backlog in the last year. And with the Liberals promise of helping newcomers grow into more rural areas, we will be seeing demand in areas that traditionally have not seen explosive growth.

To respond to this massive growth that will now be popping up in rural areas, the new Liberal minority government will likely partner with the NDPs to help fast track the supply side of a possible housing shortage, to build 500,000 new homes as a priority.

We are excited to see just how on the ball the liberal minority were in the new year, and how the projected immigration numbers will be impacting our current real estate market. If the current government go through with investing in the supply focussed approach in housing in a time-efficient manner, the housing market will likely explode with new opportunity.

Conclusion

With this change, it can be nerve-wracking to wait and see what will happen to your investments because of a liberal minority. It is important to do your research (like you're doing now!) to help you be prepared for what is yet to come. Having a strong team supporting you can make sure that you make all the right choices. 

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