Running Head : The Housing Crisis

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Running head: The housing Crisis in Canada 5 0.66%”. Immigration within Canada has a narrow range of destinations, between 1991-96, 61% of the immigrants settled within Toronto or Vancouver. Immigration is the leading elements of growth within the city and accounting for 80% of the growth from 91-96, this upturn began in 86 after the world expo. With the majority of people immigrating towards Vancouver and Toronto, those markets are being overwhelmed with a greater demand. The Typical person moving here through immigration would be a mother and children, the mother would be a homemaker and the child would be a student. Foreign investments and their effect In…show more content…
CBC news conducted an interview with Dan Scarrow, Dan moved to Shanghai to open a real estate office targeting foreign investors to invest in Canadian real estate and stated “The purchasing power of the RMB (Chinese Yuan) has increased by 25 percent in the last six months to a year, not just against the Canadian dollar but against a lot of other currencies, except for U.S dollars”. The purchasing power against the Canadian dollar would allow investors to buy at a better value, allowing them to overpay the market value, driving the price up. A geography professor at the University of British Columbia, David Ley, has been studying and looking into the ongoing issue. David Ley believes that this is all started with the millionaire visa program that Canada had, and has now reopened. The old program allowed a person to invest $800,000 in Canada for a five-year term and in return they would receive residency within Canada, the new program calls for the person to have a net worth of 10million minimum but an investment of 2million. As said by professor
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