Despite the Citizenship and Immigration Canada website crashing due to a spike in traffic from American queries in the few hours before poll results started coming in on Tuesday (November 8), housing industry observers stated that any effects of the U.S. elections on Canadian real estate will take some time to gain traction.
“It’s too early to know what it means for Canadian housing markets. Nobody knows what it means for the Canadian economy writ large, let alone housing markets across the country,” Canadian Real Estate Association chief economist Gregory Klump wrote in a statement, as quoted by the Toronto Star
Canada’s relative stability compared to the U.S. from January 20, 2017 onwards might prove to be a deciding factor for many Americans, however.
“Countries compete for immigrants, those with the best skills and resources, and differentiation could be very helpful for Canada. A Trump-led America will look very different from Canada,” Royal LePage CEO Phil Soper said.
“Our brand — call it strong, fair, tolerant and welcoming — could stand out even more clearly now as a desired place to invest capital in real property.”
Meanwhile, York University real estate professor James McKellar said that a mass exodus of Americans into Canada—which in the past few months had been posited both in jest and in seriousness as a most probable outcome of Trump’s ascension to the highest seat of U.S. political power—remains unlikely.
“Americans really don’t know much about Canada. It’s just not on the radar,” he said.
Noting that Canada’s strict entry policies won’t be affected by the results of the U.S. elections, McKellar argued that the overheated housing markets will not be positively received even by Americans who successfully emigrate.
“I don’t think you’ll see a movement of bodies. I think it will simply underscore this movement of foreign capital into Canada,” he concluded.
Big-name recognizability: Boon or bane?
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The gamut of reactions following Donald Trump’s shocking upset at the U.S. presidential elections proved that the firebrand mogul-turned-politico will continue to attract controversy for a long time, but analysts said that these should not necessarily be taken as indicators that a massive surge of Canada-bound immigrants is in the offing.