skip to Main Content

Douglas Todd: Is B.C. immigration program a back door for millionaire house buyers?

By DOUGLAS TODD for Vancouver Sun

How did it come to pass that thousands of people who came to Metro Vancouver through a provincial immigration scheme bought pricey houses?

A Statistics Canada report shows 2,370 people who recently arrived in B.C. through a provincial immigration program have bought single-family houses worth an average of $2.38 million in Metro Vancouver, which is $800,000 above the norm for Canadian-born house buyers.

It’s a startling figure, in part because politicians often trumpet how the relatively small provincial immigration programs were created primarily to fine-tune Ottawa’s bulkier immigration policy by pinpointing the right skilled workers for each local labour market.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

Given that the emphasis of so-called “provincial nominee programs” is supposed to be on newcomers looking for a job, how have thousands since 2009 been able to quickly buy pricey Metro Vancouver real estate? It’s difficult to get an answer from officialdom. So we’re left to our own devices to figure out this irregular access.

I’m not alone in suggesting one of the last things most young people need in Metro Vancouver’s unaffordable housing market is to be squeezed out by another stream of foreign capital. The B.C. NDP government is among those trying to crack down on this price-inflating phenomenon associated with “satellite families” who buy stately homes.

But the revealing data is there in the particulars of a January Statistics Canada report. Its charts point to the way many families are coming to Metro Vancouver with large amounts of wealth, which they’ve been funnelling into housing.

Continue reading the full story here >>
 

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

As Seen and Heard On

Media enquiries and press contact info: media@vancouverrealestatepodcast.com

© 2019 Matt Scalena PREC* & Adam Scalena PREC* , all rights reserved • Site MapBy Line49 Web Design, Vancouver BC

*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

Back To Top