Donald Trump is all set to be sworn in as the 45th President of the United States. If he makes good on his election promises, immigration looks certain to be curbed. This would mean that hundreds of thousands who were hoping to make it to the Land of Opportunity would have to look at other shores. The Land of the Maple Leaf is the closest, and their best alternative.
As the results were pouring in, there was so much interest in the website of the Department of Immigration, Refugees and Citizenship (formerly Citizenship and Immigration Canada) that it crashed. Interestingly, on November 8, the day when America went to the polls, Canada posted on Twitter that immigrants were welcome to bring their culture and traditions along with them and to share them with others.
If millions of immigrants enter Canada, residential home prices will see a surge. This is good news for the Canadian real estate sector, which is by far the largest driver of its economy. Even Americans who don’t want to be in a country ruled by Trump might consider moving north – Google reported a spike in ‘move to Canada’ searches on November 9, when the results were announced. Singer-songwriter Marcio Novelli points out that Canada is already home to one-tenth of the American population. There is plenty of room in the Land of the Maple Leaf, he adds.
Trump has also promised to deport 11 million illegal workers from the United States. But industry experts point out that this would affect the business climate severely, and cause the value of the American dollar to fall. That would be good news for Canada, as there would be renewed interest in Canadian homes. Americans are already the largest foreign owners of Canadian residential property. In fact, after the 2008-09 mortgage crisis in the United States, New Brunswick and Nova Scotia were among the most sought-after destinations by Americans.
There are a lot of legal foreign workers in the United States, such as in technology. It is estimated that Indians, for instance, make up a third of the workforce in Silicon Valley. Making it difficult for more skilled workers to come into the country might see jobs moving up to Canada – and this would impact the commercial real estate sector in the Land of the Maple Leaf.