Quebec’s Immigrant Investor Program has BC’s and Quebec’s premiers talking.
Premier Christy Clark’s spokesperson Stephen Smart told Ian Young of the South China Morning Post that Clark brought it up with Quebec’s Premier Philippe Couillard.
Smart says the program is under review and both parties are discussing concerns.
The report says Quebec wants to keep investors from straying.
Does the program put pressure on housing prices in Metro Vancouver?
UBC Economist Tom Davidoff thinks so.
“Using the back of an envelope, I came up with a number in the vicinity of a 4 to 10% decline if you totally took it away.”
He says it could be complimentary with B.C.’s new 15 per cent tax on foreign buyers.
“If you kept those policies in place for a couple years, it would add up to a significant weakening of demand in this market, and hence a reduction in prices.”
The program gives immigrants permanent resident status in Canada in exchange for 5-year interest-free investment of $800,000 to the Quebec government.