By Elliot Funt
Safe Place for International Investors
There is no doubt that for at least the short-term the Vancouver (and Canadian) housing market will be seen as a safe place for international investors in comparison to the United States housing. For sellers, this comes at an excellent time as it off-puts the impacts of the 15% foreign buyers tax in Vancouver.
In particular, Trump's has said that he plans to have a firm stance against China. This strong position will undoubtedly mean Canada is, in comparison, a safe-haven for Chinese money. In Trump's trade policies, points #5, #6, and #7 aim at restricting China's trade influence in America.
Calls are already coming into real estate agents in Vancouver from Canadian citizens currently living in the US and from some US citizens. The running joke made by Democrats wanting to move to Canada may now have a level of truth that, in combination with other foreign money, is enough to increase Canadian housing prices.
The number of refugee claims from Mexico is expected to increase drastically according to a CBC article published Nov 10th. As of December 1st, Canada is dropping the tourist visa requirement for Mexican visitors. Trudeau announced this change in visa requirements on June 28th, well before the election upset. It appears that any restriction on Mexican tourist visas closely associates with lower refugee claims from Mexico.
The information provided here is meant to be a recap of current news and does not constitute advice about the market one way or another. It is advised you contact your REALTOR® (such as me) and other sources before making any major financial decision