On the increased attractiveness of Canada for immigrants – in the editorial of «Russkogo Toronto».
Problems for immigrants began about 5-6 years ago, when the Conservative government decided to overhaul Canada's entire immigration policy, focusing on filling jobs with specialists from abroad. Such a utilitarian approach – to take only those specialists for whom there is demand at the current moment – was subjected to severe criticism from the very beginning, but it was not heeded. As a result, the previous immigration system was broken, and a new, effective one was never created.
At the same time, the cost of living in Canada was rising, especially real estate. After emerging from a deep recession that Canada experienced from the late 80s to the late 90s, during which everything was extremely cheap (including due to the low exchange rate of the Canadian dollar), an economic upturn began.
Over these years, real estate prices rose several times, services became noticeably more expensive, salaries increased, the Canadian dollar became more expensive than the US dollar, and as a result, Canada became a relatively expensive country to live in. Relatively – because it remained much more affordable compared to "old" Europe and leading Asian countries.
In 2015, everything changed. The euphoria of "easy" oil money passed. Specialists from abroad as such were no longer needed; the number one task became preventing unemployment growth and creating new jobs. The Canadian dollar significantly "slimmed down" compared to the US dollar. In the fall of 2015, the Liberal government came to power, which had to deal with the crisis that had fallen on the energy sector and urgently clear up the mess left by the previous Conservative government. That is, to call things by their names, at the time of the change of ruling party, Canada was in far from the best position – in fact, that's why the previous government was ousted with a bang.
At the same time, it is precisely this difficult economic situation that opens up opportunities for those who would like to connect their lives with Canada. It is an axiom that during hard times, a country is much more interested in an influx of qualified specialists and especially business people who can create additional jobs. A country in such times needs an inflow of money from abroad. The government stops behaving arrogantly, as the Conservatives did, and acts much more rationally, as it has to compete for good specialists. All this fundamentally changes the approach to immigrants.
In particular, changes in immigration rules should be expected. The Liberal Party that came to power has always been "pro-immigrant". In fact, the first steps of the immigration department speak eloquently about this – the admission of 25 thousand Syrian refugees. And although this is not at all what one would like to see from the new government, nevertheless, it shows the very attitude toward welcoming new residents.
Indicative are the new programs of the province of Ontario, especially the program for entrepreneurs – quite accessible and logically structured . There is a high degree of confidence that federal programs will be reshaped along the lines of Ontario's, especially considering the strong influence of the Ontario Liberals on the federal Liberal Party.
Therefore, in the next year or two, changes in immigration rules should be expected towards easing them and much greater transparency.
Also, one should expect the new government's interest in creating more comfortable conditions for doing business, which opens up more opportunities for immigrants for employment and business activities.
A feature of the previous Conservative government was that they made their main concern protecting the state and residents from crime (which was one of the lowest in Canada) and fraud, which resulted in tightening screws, strengthening regulatory bodies, and complicating the resolution of many issues due to fear of being subjected to inspections. All this affected the economy. Now the Liberals have to carry out a reverse process to stimulate Canada's economy.
But most importantly, due to the fall in oil and commodity prices, the Canadian dollar has noticeably depreciated against the US dollar. As a result, over a year and a half, there has been a de facto cheapening by 1.4 times, which once again makes Canada a "cheap" country. It is now difficult to predict how long the Canadian dollar will remain at its current level against the US dollar. But as long as the Canadian dollar has not significantly risen – and this is unlikely to happen before 2-3 years – Canada will remain quite affordable.
What advantages does a cheap Canadian dollar give to immigrants? Firstly, Canada becomes much more attractive for studying. While tuition fees at Canadian colleges and universities, which are among the best in the world, were already noticeably lower than in the US, now, due to the "cheapening" of the Canadian dollar, it has become even more attractive. It is worth recalling that at present, immigration through study in Canada is the most reliable way to obtain permanent resident status. The reduction in tuition and living costs during study makes this path more accessible.
The same applies to private schools. Sending children to study in Canada is very popular among business people, as one of the parents can live with the children studying at a private school for the entire duration of the child's education. Now this way of moving to live in Canada has become much more affordable.
Secondly, speaking of immigration for businessmen, the current low exchange rate of the Canadian dollar also significantly simplifies the task, as much smaller amounts in US dollar equivalents are required to meet the conditions of immigration programs. For example, under the new Ontario program for entrepreneurs, you need to show liquid assets in the amount of 800 thousand Canadian dollars. A year and a half ago, this was equivalent to the same amount in US dollars, while now we are talking about an amount of $570 thousand. The same applies to investments – the required 500 thousand Canadian dollars currently amount to only $357 thousand US dollars.
That is, it is hard to imagine a more convenient time for immigration for businessmen than now. Finally, the depreciation of the Canadian dollar has also made investing in Canadian real estate much more attractive (we are talking about the Greater Toronto Area and satellite cities).
It should be said that real estate consistently appreciates by about 10% per year. At the same time, the Canadian dollar is currently at its lowest point, and in the coming years it will begin to rise. Within 5-6 years, it may return to parity with the US dollar, which would mean an increase in investments made now in US dollars by 1.3–1.4 times (excluding the rise in real estate prices themselves). For this reason, investing in Canadian real estate is currently extremely profitable, attracting a large number of foreign investors.
But most importantly, in the current situation, the Liberal government will pursue a pragmatic policy, creating much more comfortable conditions for immigration and attracting foreigners that will contribute to the development of the Canadian economy. At least for residents of the former Soviet Union countries (primarily Russia, Ukraine and Kazakhstan), which have entered a period of prolonged crisis, Canada is becoming a much more accessible country for immigration.