In an article published in the South China Morning Post, journalist Ian Young reports that a backlog of applications to Canada’s Immigration department includes over 50,000 requests from wealthy mainland Chinese through the Investor Immigrant program:
Immigration Department data obtained by the Post suggests there was a backlog of more than 45,000 rich Chinese waiting for approval of their applications to move to British Columbia as of January last year. They are estimated to have a minimum combined wealth of C$12.9 billion (HK$90 billion). – SCMP
According to the Citizen and Immigration Canada website, no further applications for the program are being accepted currently as they are working on sorting through the giant backlog of applications. The government has promised that all of the backlog will be worked through. Typically 96% of applications are approved.
Note: As of July 1, 2012, we are not accepting federal Investor applications for the time being. This is so we can focus on processing the applications we already have and review the program. This pause on new applications will go on until further notice. It does not apply to the Quebec Immigrant Investor Program. – CIC Website
Perhaps this is why Quebec has seen an influx of applications to their own Immigrant Investor Program as of late.
What will this mean for Vancouver…and the pricing of homes in the city? Me thinks we’ll continue to see and upward climb in lack of affordability for locals.
Read the entire South China Morning Post article here.
UPDATE: SCMP posts a new article stating that there has been a decline in Investor Immigrant visa approvals for mainland Chinese seeking to live in B.C.by