Union city condo markham.Chinese buyers have slashed or pushed down Canadian house prices. When it comes to the impact of Canada’s cancellation of the investment immigration program, the local property market bears the brunt, the Canadian Broadcasting Corporation reported.Please Visit: Union city condo markham to Get Your VVIP Registration Today!
Some property brokers in Vancouver are worried that after the plan is cancelled, Chinese buyers will drop sharply, which will pull down Canadian property prices and deal a blow to the economy.
According to a report released by Collier International, a real estate consultancy, the proportion of Chinese buyers in Vancouver, Canada, rose from 29% in 2011 to more than 40% in 2012.
Debele, a Vancouver real estate agent, says investment immigrants bring wealth and create jobs to the region, benefiting construction workers, architects and real estate agents alike. “my main buyers are rich people from China, and if they are restricted to Canada, it means that 80% to 90% of real estate transactions in West Vancouver will disappear.”
Immigration lawyer Kuran also said that when Vancouver property suddenly loses hundreds of potential wealthy Chinese buyers, property prices are bound to fall.
Many investment immigrants, especially those from Chinese mainland, often like to buy houses in big Canadian cities such as Vancouver or Toronto, then leave their families and children in Canada and return to China to do business on their own. These people do not work in Canada, pay less taxes than other economic categories of immigrants, often lack skills, have poor official language skills, and are less able to integrate into Canadian society and the environment than other categories of immigrants. it has not brought a large number of job opportunities expected by the government, and there is little willingness to settle in Canada eventually.
With the continuous adjustment of the Canadian government’s immigration policy, the market for Beijing to immigrate to Canada also seems to become unstable. Shi Nuo, vice president of the project of Pacific Kada Immigration Company, said in an interview with the legal Evening News this morning that there have always been three channels for Canadian investment immigrants: federal investment immigrants, Quebec investment immigrants, and provincial nominations. At present, the company mainly receives immigration applications for “provincial nominations” (also known as entrepreneurial immigrants). Provincial nomination means that each province examines and attracts immigrant applicants according to its own needs, and the provincial nomination certificate can be obtained with federal approval.
Shi Nuo pointed out that the “provincial nomination” project will be pushed to a more important platform in the future. Because the immigration program requires investors to set up local businesses, pay local taxes and create jobs at the same time.
Shi Nuo also pointed out that some European countries with relatively simple immigration procedures will divert some Chinese immigrants, mainly fixed asset investors.
On the other hand, the immigration consultant of another immigration company told French Evening that they had completely stopped accepting Canadian immigration applications and would return the backlog of applications on hand. In addition to federal investment immigration, it is also difficult to apply for other investment immigration programs in Canada.
The current backlog of more than 50,000 Chinese applying for immigration to Canada is most likely to turn to Canada’s neighbor, the United States. As American investment immigrants are close to saturation, if they suddenly accept a large number of new applicants, American investment immigrants will also be affected by the nature of the queue.