Head Winds for 2021: COVID, Immigration, ownership disclosure
July 16, 2020, 12:00 - 1:00 PM
The “COVID/Immigration combo” is expected to reduce foreign student demand for rental units. Young people are pushed back into parental residences due to unemployment, and the need for cost savings during economic hard times. Secondary migration from other provinces into BC is curtailed. And at the same time, a planned supply of new rental units will come to market. And at the high end, new ownership disclosure rules will prompt some sales, and chase away others. On the other hand, a positive trend to reduce in-person "office presence” may reduce commute pressures, and unlock real estate value and opportunity further outside the greater Vancouver area.
Richard Kurland is an immigration lawyer and policy analyst. He is a frequent contributor to print and electronic media, and has appeared before Canadian Parliamentary committees, He is a member of the Bar of Quebec and the Law Society of British Columbia, and editor in chief of “Lexbase”, Canada’s largest immigration law and policy publication, In 2017 Mr. Kurland was s awarded a medal by the Senate of Canada in recognition of his valuable service to the nation.
Real Estate Institute of BC (REIBC) acknowledges the support of the Real Estate Foundation of British Columbia