Westline condos . The new immigration policy has a limited impact on the Canadian property market. Recently, the Canadian federal government announced that it would adjust its immigration policy and terminate the Federal Investment Immigration Program and the Federal Entrepreneurship Migration Program.Please Visit: Westline condos to Get Your VVIP Registration Today!
This means that Canada’s immigration policy is beginning to tighten, and will the decline in the number of foreign investors brought about by the policy change bring an “earthquake” to Canada’s domestic real estate market?
Wei Kefei, director of international business at the four Seasons Housing Show in Beijing, said that Canada’s immigration policy adjustment is due to the fact that the original immigration plan is not conducive to the federal government, and does not prove that Canada’s immigration policy has been tightened, but has only changed a way of immigration. so it has an impact on Canada’s domestic real estate market in the short term. “the tightening of immigration policies has disrupted the immigration plans of the economically powerful, but Canadian alternatives remain attractive to them, and there are not as many Chinese buyers in Toronto or Vancouver as outsiders think. The proportion of Chinese people buying houses has not reached the point where the market volatility is affected. In the short term, even if the immigration policy is tightened, people who plan to emigrate will entrust real estate or invest. So the impact of the new immigration policy on the local real estate market is limited, “Wei Kefei told reporters.”
Some people worry that Canada is tightening its immigration policy, targeting the Chinese, because “Chinese make up the majority of Canadian investment immigrants”. In response, Wang Bing, a special agent who is preparing to hold a real estate exhibition in Toronto, Canada, in Beijing, said that the adjustment of immigration policy is not aimed at a particular country or race, but to replace the original plan with a new immigration plan. to make it more in line with Canada’s social development needs. Wang Bing quoted Alexander, the Federal Director of Immigration of Canada, as saying that the Canadian investment immigration program was ineffective in attracting foreign investment. Wang Bing said that while abolishing the investment immigration policy, the Canadian government has introduced a “venture fund pilot scheme” and a “business skills pilot scheme”. Among them, applicants for the “Venture Fund pilot Scheme” must have net assets of C $4 million (about 22 million yuan) and invest about 10 million yuan in the venture fund. The “Business skills pilot Program” allows people with business talents to invest millions of yuan locally to create jobs, replacing the original investment immigration policy through the above two programs, that is, foreign investors can apply for Canadian permanent resident status as long as they have 8.8 million yuan in assets and provide a 4.4 million five-year zero-profit loan to the government.
Compared with Wei Kefei’s view, Wang Bing goes a step further, believing that the adjustment of the new immigration policy is good news for Toronto. “because most of the investors in the new immigration program will choose Toronto as the city to live and develop, and the major Canadian federal banks can provide up to 65% of the loans.”