Australia expects its already overvalued property market to be further distorted by Ottawa’s decision to end Canada’s investor immigrant program.
The end of the Canadian program is likely to drive more wealthy Asians looking for overseas property into the Australian market, said The Age newspaper. But, it added, the Canadian decision is also good for Australia because it means there is less likely to be a collapse of the Canadian housing market. Because of the similarities in the markets, any collapse in Canada is likely to have adverse effects in Australia.
