Real estate agents in Vancouver say property prices could take a hit, after Canada scrapped a program which allowed wealthy immigrants to fast-track the visa process.
"I deal directly with these people who bring a lot of wealth, who are creating lots of jobs for local Canadians — builders, trades, architects, realtors like myself," said Debelle.
"Most of the buying is coming from Chinese immigrants who are wealthy, so if we make it difficult for them to come into this country, we have killed 80 to 90 per cent of the buying in West Vancouver."
Immigration lawyer Richard Kurland agrees.
"When you suddenly stave off the intake of literally hundreds of millionaires in the Vancouver property market, prices can only go one way and that's down," said Kurland.
“They are capping a whole bunch of lines of business,” said Mr. Ian Lee, a professor at the Sprott School of Business at Carleton University. “I think they have a plan for CMHC which they haven’t disclosed yet. They are either going to shrink CMHC incrementively or prepare it for privatization.”
1. Applicants must enroll in and continue to pursue studies in Canada. Failure to do so could lead to removal from Canada. (previously only needed to “Intend to” study)
2. Study permits will only be issued to successful applicants who are pursuing studies at an educational institution that has been designated to receive international students. (previously was “any educational institution”)
3. A study permit becomes invalid 90 days following the completion of studies unless the foreign national also possesses a valid work permit or another authorization to remain in Canada. (previously they could stay until study permit expires, even after graduation)
Ottawa also announced it has eliminated the so-called immigration trust, which had allowed wealthy immigrants to shelter their investment income from taxation for their first five years of residency here.
My comments Feb 11-12