Posted on February 11, 2014
Game changer? End of “high net worth investor” immigration may settle some Vancouver real estate debates
The sudden cancellation of the “immigrant investor” program forecast for today’s budget, which encouraged immigration by “high net worth individuals” in return for interest free loans to an economic development fund, could be the big budget story for Vancouver.
The insatiable demand of these immigrant investors was blamed by some for the runaway increases in Vancouver real estate prices, particularly on the west side. Now, with 45,000 would-be investors queued up in Hong Kong, the program is over.
The impact? We should know soon and perhaps settle some vexing Vancouver real estate debates in the process.