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Another important item from Business in Vancouver:

The first half of 2015 has seen a net increase of less than 6,000 immigrants into B.C., compared with more than 18,000 in the same period last year.

This was the first time in more than 15 years, BC Stats said, that B.C. experienced a net loss of non-permanent residents.

If the current trend continues, immigration to B.C. will fall below the annual inflow that forms a key foundation of housing demand forecasts.

The dramatic decline began in the fourth quarter of 2014 when net immigration fell to negative 1,808 people – meaning that many more people left B.C. for other countries than arrived. This was the first net loss of immigrants to the province in more than a decade. …

The immigration collapse did not surprise Vancouver immigration lawyer Richard Kurland.

“It’s all about the temporary foreign workers (TFWs) leaving Canada,” said Kurland.

The Conservative government set April 1, 2015 as the deadline for the temporary low-skilled workers to leave the country after changing the rules in 2011. Formerly, TFWs had only to re-apply, but new rules require them to leave the country for at least four years before re-applying.

The exodus from B.C. has begun, Kurland said.

“There are also no new temporary workers coming in,” said Kurland, a partner with Kurland, Tobe.

Immigration

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Sooo … is this separate from the impact on housing affordability.  Money, notably foreign capital, should logically be disconnected from immigration patterns of temporary workers, so will this change in the TFW program make it easier to see what’s happening in the housing market?