The overseas moving specialists at Interdean have explored the Canadian government’s decision to axe a 28 year old visa scheme for immigrants, whilst considering the impact it will have on the country’s housing markets.
Canada scrapped its Immigrant Investor Program earlier this month in a move which Finance Minister, Jim Flaherty, explains in the 2014 budget, stating that “there is also little evidence that immigrant investors as a class are maintaining ties to Canada or making a positive economic contribution to the country.” Over the past few years the Canadian government has been taking measures to cool down the expensive market. One thing in particular inflating the marketing was large scale investments from wealthy Chinese. The Canada Mortgage and Housing Corporation (CMHC) tightened mortgage lending in 2013 by limiting guarantees it offered to banks and other lending companies in efforts to control rising housing prices.
The relocation specialists at Interdean are often approached by those looking to retire abroad, acquire a second home or just relocate entirely. As such the team recognised that the news would be of interest to their customers. A representative from the firm speculates on the potential impact of the changes.
“The majority of those looking to invest in Canadian property shouldn’t be impacted upon too much by the changes, these are more relevant to the higher end of the market. Even so, it seems to be a situation of activity staying constant rather than decreasing. For those considering moving to Canada it is important to have a comprehensive understanding of all the stages involved in the property search. At Interdean we offer a range of relocation services such as home finding which could be of great benefit to those in the early stages of planning their move.”
Thinking of Moving? Think Interdean
Interdean helps families, expats, backpackers, travellers and students moving overseas. Established in 1958, Interdean provides moving, storage, shipping air freight, excess baggage, visa and immigration, and full relocation services to worldwide destinations. Interdean is FIDI FAIM PLUS accredited and has over 123 offices worldwide.
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