Stable Canadian economy and good quality of life is luring ‘planeloads’ of overseas buyers eager to invest
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Good, president of The Key, a Vancouver-based sales and marketing firm that’s focusing on a new wave of Chinese buyers, figures he’s sold more than 500 homes to mainland Chinese investors and immigrants in January and February in Vancouver and Toronto.
He’s also opened an office in Beijing’s business district -The Key China -where Chinese buyers can purchase Canadian condos from a presentation centre and view videos that showcase various condo developments and the virtues of Canada.
“[Chinese investors] have really picked up a lot of steam in the last two or three months,” Good said in an interview. “And I believe this is just the tip of the iceberg. There’s an über-wealthy upper class forming and there’s a strong middle class growing in China. This massive middle class is now getting to a point where they can afford international real estate. And Canada is viewed by the Chinese as a very stable place to put their money.
“There are literally planeloads of Chinese coming here to buy real estate.”
Wednesday’s attraction was Avra, a 17-storey condominium tower that’s slated to be built over the next two years, and Good took along a busload of investors -some from China and some already living here -and their agents to view the plans.
But it’s not just condos that are attracting Chinese buyers, with single-family homes and large lots topping the list.
Across the Lower Mainland, especially Richmond and Vancouver’s west side, mainland Chinese buyers and immigrants are becoming a major part of the market, in some cases competing with each other through multiple offers.
But the phenomenon is starting to spread to other areas including Burnaby, West Vancouver, White Rock and beyond.
“We predict that this will be a dominant trend for a long time,” Scott Brown, senior vicepresident, Western Canada for Colliers International residential marketing, said in an interview. “Some of the most expensive [Vancouver] real estate is only being marketed to Chinese buyers. And Vancouver and Toronto are very popular.”
According to a report on new multi-family home sales in the Lower Mainland by Colliers, which recently opened a dedicated office in Shanghai to deal with the increasing demand, a total of 2,711 new multi-family units were sold in the region in the fourth quarter of 2010, making it the most active quarter of the past year.
“As in each quarter in 2010, the health of the market is expected to continue to be positively impacted by increasing Asian immigrant and investment demand,” the report, prepared by Colliers and Urban Analytics, concluded.
Scott said the expected offshore demand will continue to be “the dominant story in 2011 that it was in every quarter of 2010 especially in Vancouver-west, Metrotown and Richmond.”
The demand for Vancouver properties appears to be fuelled by many factors -including, ironically, a crackdown on property purchases in mainland China that may be moving much of that investment overseas, particularly to Canada.
As well, local Vancouver area Chinese-language newspapers are being used by realtors and agents to specifically target mainland Chinese buyers, citing Canada and Vancouver’s stability and strong local real estate returns.
A recent report in the China Daily, a state-run publication based in Beijing, said Canada was “the most popular choice” for overseas investors while “growing restrictions on property purchases in major Chinese cities [are driving] the country’s nouveau riche to look overseas for investment opportunities.”
The newspaper noted that most overseas property purchases are motivated by a combination of factors including immigration, education and investment, with Canada, Australia and the U.K. topping the list of destinations.
The China Daily report also said buyers from the Chinese mainland represent between 40 and 50 per cent of the current market for pre-sale projects in Vancouver.
But China’s effort to cool an overheating market is just one reason investment is pouring into Canada.
Brown believes there are many factors, especially Canada’s image as a great country to live in and a safe place to invest money. “There’s no one easy answer, but one of the main drivers is [they] believe that having their children educated in Canada [is good]. The other driver is that Vancouver is a beautiful, livable city and they want to buy their own piece of it.”
One recent buyer is former Beijing resident Yang Yang, who moved to B.C. with her husband and young daughter last summer, purchased a detached house in Surrey, and accompanied Good to the White Rock condo showing.
“We prefer the peaceful life here,” Yang said in an interview. “Beijing is very crowded and the air pollution is bad there.”
Yang said that she and her husband, an IT engineer, are considering a condo at Avra as a place to retire when they no longer need their larger home.
Yang’s realtor, Hong Lui, with Interlink Realty in Richmond, said she first noticed a surge in mainland Chinese interest last spring and it’s grown increasingly stronger, with a mix of investors, including those who want to immigrate to Canada and others who are looking here after the Chinese government restricted their ability to own several homes.
Richmond MacDonald Realty realtor David Lindsay said: “January and February has been almost exclusively mainland Chinese buyers of big lots, with a house of little value on it. And we’re getting multiple offers.”
He said, for example, that a typical lot in the Seafair area, which sold for $800,000 in October, is now selling in the $1.2-million range. “I sold one last Sunday and we had four offers. The winning bid was $1.03 million. It was on the market for $968,000.” Lindsay believes there’s speculation is going on, because some buyers are getting an accepted contract with a clause that allows them to assign the contract to a third party before the sale is completed. “One buyer didn’t even set foot on the property.”
Real Estate Board of Greater Vancouver president Jake Moldowan said he believes lifestyle is the core reason for the interest. “Vancouver is an extremely desirable place to be.”
He said that Richmond lots are now going for $1 million to $1.3 million. “And I know that there have been realtors from Hong Kong and mainland China, who fly over there, put packages together, and then bring people over.”
Meanwhile, Bosa Properties announced this week that its 34-storey Sovereign tower in Burnaby’s Metrotown sold out immediately, surpassing the single day sales record in the Burnaby market by selling $98-million worth of real estate.
bmorton@vancouversun.com
Canada to allow skilled immigrants without degrees
Image via WikipediaCHANDIGARH: People who do not possess university degrees or have not cleared language proficiency tests but have the skills in required trades will now find seeking immigration to Canada a little easier, an immigration consultant said Friday.
B.S. Sandhu, chairman and managing director of the World Wide Immigration Consultancy Services (WWICS) group, said that as per the new proposed immigrant selection system, the newcomers whose skills are in demand in Canada will be allowed to enter the country.
“They may not have university degrees or language proficiency. The new changes would accommodate skilled workers who do not have university degrees and are not equipped with full language proficiency to qualify under the federal skilled programme.
“By this way, more potential workers would reach Canada and this is a step in the right direction,” said Sandhu, who heads one of the biggest immigration consultancies in the country.
The Canadian government has indicated the “points grid” system for immigrant selection is likely to be changed to accommodate skilled workers required in the country.
Sandhu said that Canadian Immigration Minister Jason Kenney had recently said that last year (2010), Canada touched record figures in admitting the highest number of immigrants.
“Permanent Residency (PR) figures in Canada have touched an all-time high since the last 57 years. Immigrants to the tune of 280,600 attained Permanent Residency and this figure is the highest in the country since the last 57 years,” Kenney had said.
The Canadian minister had called for more flexiblity in the immigration rules, saying that “the skilled trades people who don’t have university degrees or who have very limited English or French language proficiency typically cannot make it through the points grid, but we have a huge and growing need for such skilled trades people”.
Sandhu said that the main criteria that is being considered include requiring a minimum level of language proficiency, making the programme more accessible to skilled trades people and redirecting points from work experience to other factors.
While laying emphasis on allowing younger skilled workers to immigrate, the proposed changes aim at selecting people who are most likely to succeed once they reach Canada.
Canada and Yukon Sign Agreement on Temporary Foreign Workers
Image via WikipediaWHITEHORSE, YUKON–(Marketwire – Feb. 23, 2011) – The Governments of Canada and Yukon have signed an agreement that gives Yukon a role in managing the Temporary Foreign Worker Program within the Territory.
Senator Daniel Lang made the announcement today with Patrick Rouble, Yukon Minister of Education and Minister of Energy, Mines and Resources. Senator Lang spoke on behalf of Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism and Diane Finley, Minister of Human Resources and Skills Development.
“The Government of Yukon has a role to play in protecting temporary foreign workers from exploitation and in identifying how immigration can help address gaps in its labour market,” said Senator Lang. “This agreement formally recognizes these roles.”
The agreement will improve the responsiveness of the Temporary Foreign Worker Program by providing Yukon with a greater role in helping these workers come to Canada. The Government of Yukon will be able to recommend the entry of some temporary foreign workers without requiring a Service Canada assessment of whether there are Canadians or permanent residents available to fill the vacant positions. Such exemptions will be determined according to criteria to be set by the territorial government, in line with its economic plans and priorities.
“This agreement provides one more tool for Yukon’s labour market stakeholders to address Yukon’s labour market opportunities, both now and into the future,” said Minister Rouble. “Our first priority is to work with underrepresented groups in Yukon to meet labour force demands and turn to temporary foreign workers when the need arises.”
“Today marks an important step in making the Temporary Foreign Worker Program more responsive to Yukon’s particular labour needs. Meeting those needs translates into more opportunities for all Yukon residents,” the Senator added.
The agreement provides a framework for closer cooperation between the two levels of government to better educate employers and potential workers about their rights and responsibilities.
A number of innovative pilot initiatives are also planned as part of the agreement. These initiatives are designed to respond to region-specific issues concerning temporary foreign workers, and are aligned with the economic and social development priorities of Yukon.
The Temporary Foreign Worker Program is driven by employer demand and aimed at filling identified labour shortages where no suitable Canadian workers or permanent residents are available.
Youth, tradespeople take focus in new immigration proposal
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JOE FRIESEN — DEMOGRAPHICS REPORTER
Government of Canada Consults on Immigrant Skilled Worker Program
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- requiring federal skilled workers to have a minimum level of language proficiency;
- making the program more accessible to skilled tradespeople, technicians and apprentices;
- placing greater emphasis on younger immigrants who will adapt more easily and be active members of the work force for a longer time frame;
- redirecting points from work experience to other factors that better contribute to success in the Canadian work force; and
- reducing the potential for fraudulent job offers.
A Six Figure Family Day
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Director of Programs,
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Average Canadian family debt hits $100,000
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Visas for skilled workers set to drop
Image via WikipediaEmployment and industry groups are reacting negatively to a government plan to cut substantially the number of visas issued for federal skilled workers this year.
New figures obtained through Access to Information show the government will cut all economic class visas by nearly seven per cent, and federal skilled worker visas specifically by 20 per cent, in 2011.
“The notion of reducing the number of skilled workers we aim to take in 2011 is certainly a move in the wrong direction given where we expect the economy right across the country to be heading,” said Elsbeth Mehrer, director of research and workforce strategy for Calgary Economic Development.
“This is a time when we need to ensure we’re ramping up to meet worker demand,” Mehrer told CBC News Tuesday. “And while we had some great success last year in terms of having our highest ever number of immigrants coming into the country, we need to make sure we keep the foot on the gas to meet labour demand in the future.”
In question period Monday, Immigration Minister Jason Kenney noted that in 2010 Canada hit a record high by welcoming “281,000 permanent residents to Canada, 106,000 more than the Liberals did shortly after they came to office and cut immigration levels.”
And when asked about his department’s cuts to another category, visas for parents and grandparents, Kenney responded by emphasizing his long-standing effort to boost economic immigration.
“There are tradeoffs. And this government is focused on the priority of Canadians, which is economic growth and prosperity,” he said. “Mr. Speaker we need more newcomers working and paying taxes and contributing to our health-care system. And that’s the focus of our immigration sytem.”
The problem is, the government isn’t robbing Peter to pay Paul — it’s robbing them both, says Richard Kurland, a Vancouver immigration lawyer.
Kurland, who obtained the target numbers through Access to Information, notes the government is not boosting economic visas overall. In fact, across all categories (including federal skilled workers, provincial nominees, Quebec skilled workers, and the Canadian experience and business classes) there will be 6.6 per cent fewer economic class visas issued this year over last.
“The 2011 targets dramatically show the substantial reduction in federal skilled workers and a slight increase in provincial selection,” Kurland says. “We really should be targeting more skilled workers to make up for Canadians’ inability to demographically reproduce. We need the young workers to pay the taxes to support the pensions for Canada’s aging population.”
Vancouver immigration lawyer Richard Kurland obtained details about planned cuts to overseas visa targets through Access to Information. (CBC) Officials at Citizenship and Immigration caution that the targets found in the documents do not represent the final number of immigrants to be accepted this year. That’s because the targets are for overseas visas only and do not include inland claims.
However, experts say the extent of the cuts — specifically to parents and grandparents and skilled worker categories — mean there will undoubtedly be significantly fewer immigrants accepted in those categories this year.
Michael Atkinson, head of the Canadian Construction Association, says the cuts to the federal skilled worker category won’t affect the construction industry directly, because those companies have had trouble for years getting workers through the point system, which is heavily skewed toward post-secondary education and language proficiency.
But Atkinson is still concerned about the government’s motivation for cutting the economic visas overall.
“If the motivation behind reducing those target levels is, ‘Well gee, the economy is improving, we don’t need as many skilled workers,’ then I would suggest that is a huge mistake, given the fact that just our aging workforce, our aging population, our low fertility rate shows us and other industries that it is only going to get worse.
“We are facing bigger challenges in the future with respect to building our workforce and training them than we ever have before,” Atkinson says.
He adds his industry expects to face a shortfall of 400,000 workers by 2018 if government policies — both federal and provincial — don’t move with the times.
Atkinson notes the government has taken a step in the right direction by opening a review process of the point system for federal skilled workers.
‘We are facing bigger challenges in the future with respect to building our workforce and training them than we ever have before.’—Michael Atkinson, Canadian Construction Association
The irony, according to Mehrer, is that the government has managed to reduce wait times for federal skilled workers through a new system of ministerial instruction brought in in 2008. Workers under the old system still wait for years for a decision, but new applications that fit one of a list of 29 occupations are being processed in seven to eight months.
That success is leading many employers to believe the government’s current motivation is a political one, rather than a policy decision.
“It’s really difficult to say, but certainly the speculation I hear from employers here is that it’s based on political pressure that may be coming from other parts of Canada, where the unemployment remains higher and where the understanding of the labour market dynamics in Alberta and in much of the west are less clear,” Mehrer says.
She adds that the economic recession is no argument for the cuts, as things are improving rapidly out west.
“We’re already starting to see re-employment of Canadians and Albertans who lost their work during the recession,” Mehrer says.
“I’m already hearing from some industries who recognize that their talent pools are shrinking in terms of the skill set they are going to need. So as much as they may not be in foreign markets right now looking for talent, we certainly expect that by the latter half of this year there will be certain skill sets we simply won’t have available in the province.”
Louise Elliott is the immigration reporter for CBC Ottawa. She can be reached at louise.elliott@cbc.ca.
India, China top as Canada admits record immigrants in 2010
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Though there is no break-down of country-wise figures, India and China remain top sources of immigration for Canada. On average, about 35, 000 Indians make Canada their new home in each year.
Releasing the annual report here Sunday, Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, said, “While other Western countries cut back on immigration during the recession, our government kept legal immigration levels high. Canada’s post-recession economy demands a high level of economic immigration to keep our economy strong.”
He said, “In 2010, we welcomed the highest number of permanent residents in the past 50 years to support Canada’s economic recovery while taking action to maintain the integrity of Canada’s immigration system with the introduction of the Preventing Human Smugglers from Abusing Canada’s Immigration System Act.”
With two-thirds of those admitted in 2010 being skilled and economic immigrants and their dependants, the minister said the backlog of over 640,000 people in the skilled worker category with wait period of up to six years has now been reduced to 335,000.
“I’m very pleased that a higher number of admissions in 2010 means that more people are now out of the lineup and well on their way to beginning a new life in Canada,” Kenney said.
During this period, Canada also admitted 182,322 temporary foreign workers and 96,147 foreign students.
Canada now allows foreign students to apply for permanent residency from within the country under the Canadian Experience category introduced in 2008.
Foreign students contribute more than $6.5 billion to the Canadian economy each year.
Though Canada currently admits only 3,500 Indian students each year, these numbers are going to increase rapidly as Canadian universities and colleges ramp up their enrollment from India.
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