The federal government’s decision to drop a 28-year-old “cash-for-visas” scheme for wealthy foreign investors doesn’t strike fear in the minds of some of the city's real estate experts, reports Metro News.
In recent years, the waiting list for the Immigrant Investor Program (IIP) increased to 65,000 applicants. With the program now a thing of the past, these people will soon have their application fees refunded.
Under the terms of the old program, the only requirements for wealthy foreigners to gain Canadian citizenship were $1.6 million in assets and an five-year $800,000-interest-free loan to the federal government.
Although the foreign investors brought a much-needed boost to Vancouver's economy, one local expert believes that losing them won't be debilitating to the market.
“I don’t think anyone has a crystal ball, but I don’t see prices dropping at all. I’m swamped,” real estate agent Clarence Debelle told Metro News.
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