Foreign buyers encouraged but outside Vancouver, Toronto

Canada’s immigration minister says that the aging population means the country needs immigrants who will become permanent residents but they should be encouraged to settle outside the hottest housing markets.

The Vancouver Sun reports that John McCallum said that the government will be looking at how many immigrants should come to Canada and will announce proposals for the next 3 years in September.

However, he acknowledged that “The last thing we want is that every immigrant either goes to Toronto or Vancouver.” The minister said that there should be a relatively even spread of new immigrants across the country but note an urgent need in Atlantic Canada.

Although an even distribution could be good news for other housing markets, it seems that Chinese buyers are not overly concerned about the 15 per cent tax introduced this month in Vancouver. Mr McCallum said that he expected it to be raised on his recent visit to China “but nobody raised it and I didn't raise it with them," he said.
 

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