New Immigration Rules may slow high end Real Estate Sales
Canada’s high end housing market has already suffered by changes to Immigration rules and could potentially be looking at tougher times as foreign investors are being pulled into the United States.
The Immigrant Investor program has basically been stopped; this program allowed investors to fast track a permanent residency application into Canada if they could come up with $800,000. There was a story posted in a Chinese Newspaper (South China Morning Post) that indicated there are roughly 45,000 wealthy Chinese immigrants with a combined worth of almost 13 billion dollars waiting to get into Canada under this program.
There is no proof that all of this has direct impact on the housing market, but there have been rumors of these investors bringing up home prices.
CIBC Deputy Chief Economist Benjamin Tal says, “It definitely has impacted the high end of the market. It is not that activity is going down, it’s simply not rising.”
Mr. Tal stated that the U.S is now going to start having much of the benefit Canada was receiving from these immigrants. He says that Ottawa is probably not too worried about the loss because investors were paying such low housing taxes.
Canada needs to be sure they keep their doors open for immigration. Canadians definitely deserve credit for creating such a welcoming culture that attracts the world’s strongest candidates for citizenship and of course home ownership.
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