ARTICLE · 12 AUGUST 2015

Millionaire Migration To Canada Increases Despite Ending Of Federal IIP

Investment Immigration

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According to Citizenship and Immigration Canada (CIC), investor immigrant approvals in 2014 rose by 7.2 per cent to reach a total of 8,762 approvals, the most since 2011.

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According to Citizenship and Immigration Canada (CIC), investor immigrant approvals in 2014 rose by 7.2 per cent to reach a total of 8,762 approvals, the most since 2011. This is despite federal Immigrant Investor Program (IIP) migrant arrivals falling by 42 per cent when the program was terminated.

Last year's cancellation of the Canadian Immigrant Investor Program (CIIP), highly popular among Chinese investors, was expected to lead to a fall in not just migrant arrivals but housing prices in Vancouver as well. Vancouver is noted as the primary destination of the bulk of Canada's immigrant investors. However figures show that housing prices in Vancouver moved up by an average of 5.8 per cent in 2014, with detached housing recording an increase of 8.1 per cent.

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