Thursday 23 November 2017

New immigration rules could affect Canadian housing market

The Canadian federal budget released earlier this month has closed a loophole offering a shortcut to wealthy investors.

New immigration rules could affect Canadian housing market

Vancouver, where a luxury home was classified as being worth $2-million and up, had a 36% increase in sales from 2012 to 2013.

February 25, 2014

The Immigrant Investor Program which fast-tracked tracked permanent residency for people who could come up with $800,000 has been eliminated as has the so-called immigration trust, which had allowed wealthy immigrants to shelter their investment income from taxation for their first five years of residency in Canada.

Canada's luxury housing market, which has already been impacted by changes to immigration policy, could be in for rougher times as foreign investors are lured to the United States instead.

A story in the South China Morning Post found there are 45,000 wealthy Chinese immigrants, with a combined worth of least $12.9-billion, waiting to get into Canada under the program.

The number of applicants is six times higher than the number for similar programs run by the U.S., Britain and Australia, the newspaper said.

There are no laws on foreign ownership of residential real estate in Canada, and no evidence that all of this was directly aimed at the housing market, but there have been endless anecdotal tales of foreign investors driving up home prices.

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