Quebec Immigrant Investor Program and Goldman Sachs

Vancouver: In the single month of September this year, after China devalued the yuan, Goldman Sachs estimated another $200-billion flowed into cities such as Vancouver, Sydney and New York, according to Globe and Mail. Add to these capital outflows the migration of 45,000 millionaire migrants to Vancouver between the years 2005 and 2012 through the now-defunct Immigrant Investor Program and the currently active Quebec Immigrant Investor Program. According to the UBS Group, an estimated $324-billion was moved out of China and into foreign destinations in 2014. It is not surprising that this mass exodus of wealth from China has led to buyers from there accounting for over 70 per cent of sales in 2014 of single-family homes, condos and townhouses over $3-million in Vancouver – according to Vancouver McDonald Realty, whose findings were also independently corroborated by the UBC Professor Andy Yan in his recent study. Since then, prices of detached houses in the city have nearly doubled to 1.5 million. It was 2008 when Gregor Robertson launched Vancouver version of its own green revolution – the same year as the global financial crisis. (www.immigrantscanada.com). As reported in the news.