In a report released on Thursday (April 7), Royal LePage said that factors like strong foreign investment, rock-bottom interest rates, and the country’s attractiveness to migrants combine with many Americans’ fear of Trump’s publicly stated anti-Muslim, anti-immigrant stance to drive Canadian real estate growth.
“[The] possibility of a Donald Trump presidency has put renewed global focus on the often stark differences in opportunity and attitude that exist on either side of our huge border,” Royal LePage CEO Phil Soper wrote in the company’s quarterly housing price survey, as quoted by BNN News
The Royal LePage report noted that the average price for a Canadian home rose to $512,000 in the first quarter of a year, an approximately 8 per cent increase over the previous three-month period. Much of this growth has been spurred by continuous gains in high-performing Toronto and Vancouver, the report added.
“In what started as a media prank, Canada’s attractiveness as a more realistic place to pursue life, liberty and happiness is gaining traction even in America,” Soper said. “[This surge in popularity] reinforces the worldwide strength of brand-Canada as a prosperous and tolerant place to raise a family.”
The “pranks” Soper referred to include a mock “Cape Breton if Donald Trump Wins” website launched in mid-February that offered lots in the island for sale to Americans who are contemplating to migrate to Canada. Between February 15 and March 4, visits to an online database of Cape Breton real estate pages broke the 450,000 mark, suggesting that many users are seriously considering the possibility of moving to the island.
Canada is gradually shaping up as a viable migration choice for concerned Americans who are anxious over a possible Donald Trump victory in the U.S. presidential elections later this year, according to a recent study by a real estate franchiser.