International students play large role in real estate market
It seems that students who come to the country from abroad for their educations are having an impact on the housing situation. Many international students flock to British Columbia and the latest data regarding real estate deals shows their pull on the industry. Each student pays about $12,000 a year for housing with foreign student enrolment in the province skyrocketing 300% over the last decade.
Canada tops the list of destinations for foreign students and apparently 95% of them who study here recommend the country to their friends. These students spend about $8 billion every year in various locations in the country while they’re studying. This is a boost for the economy since that spending is responsible for creating more than 81,000 jobs and millions of dollars for government coffers.
International students say they decide on Canada for their post-secondary studies — British Columbia in particular — because of the quality education they receive. They are also lured by the country’s worldwide reputation for being tolerant, nondiscriminatory and safe. These latest numbers are good news for those who are thinking about investing in student housing.
There are many variables that can impact the real estate industry in British Columbia. For those thinking about investing in property — such as property suitable for student housing — speaking to a lawyer about real estate laws might be a good starting point. A lawyer can clarify those areas that may seem confusing to some and is a crucial person to have on one’s side when considering all property deals.