How over 46,000 wealthy immigrants took a back door into Vancouver and Toronto’s housing markets
Over 46,000 wealthy immigrants took a back door into Vancouver and Toronto’s housing markets over the past three decades, according to custom Census data obtained exclusively by Global News.
That back door is the Quebec Immigrant Investor Program (QIIP).
Established in 1986, it offers permanent residency to international business people with net assets of at least $1.6 million, who make an interest-free investment of $800,000 in la belle province — and the government returns their money after five years.
Applicants are supposed to settle in Quebec.
But data shows just how many of them have ended up elsewhere – leaving Quebec with their investments, other provinces with their health care bills, and cities with flows of foreign capital that have been linked to soaring home prices.
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