While I'd never call anything impossible, I agree with eyes that 60% seems unimaginable. If I could suddenly buy SFH's in North Burnaby for 600K, I'd snap a couple up myself.
At that point, will you have the courage? Or, would you be hiding under the bed?
Back to the facts, rich immigrants are actually a small number.
"B.C. turns from foreign buyers to investor immigrants as Vancouver's affordability crisis continues
A whopping 90 percent of Metro Vancouver residents support the region’s new 15-percent tax on foreign buyers of residential real estate. At the same time, only three percent of respondents to the same poll, conducted by the Angus Reid Institute, say the tax goes far enough, and 71 percent describe it as simply a step in the right direction...
While those numbers are small, Davidoff suggested that eliminating the QIIP could still have a noticeable effect in B.C. With a rough calculation, he guessed that removing those buyers from the market could bring prices down by between four and 10 percent.
“It would be a helpful step,” he said. Combined with other measures such as the new 15 percent tax on sales to foreign nationals, Davidoff suggested these policies, if they really work to minimize foreign investment in the market, could slowly begin to bring down prices, eventually by as much as 25 to 50 percent.
"The QIIP is what remains of two programs that once comprised investor-class immigrants. The QIIP’s federal counterpart, the Immigrant Investor Program (IIP), stopped accepting applications in 2012. Applicants trickled in for a few years after, but were down to just 84 in 2015.
The IIP and QIIP permit a foreign national to move to Canada in exchange for a five-year loan of $800,000 to the federal or Quebec government. With the IIP eliminated, the Quebec program now accounts for virtually all immigration counted under the investor class.
In 2014, there were 2,080 principal applicants admitted to Canada under both the IIP and QIIP. Then 1,547 in 2015. And now a projected 1,072 for 2016."
http://www.straight.com/news/747281/bc- ... -continues
Look forward to the data from Richmond and Burnaby