Canada's Immigrant Investor visa program was canceled in 2014. This new law has nothing to do with visa applications and is intended to address foreign speculation in local housing markets.
Both foreign housing sales and startup visa-style investments flood foreign capital into the country making everyone wealthier (either getting reinvested in more housing/jobs or spent in stores then taxed). So hopefully the new law won't do much to stop that.
It's probably not surprising that for all the things to get upset about, re: lack of housing supply, people always choose the foreign boogeyman route.
That's not the case. More like "making everyone suffer the consequences of inflation more". And even more stronger point is that Canadians shouldn't be more wealthier. Especially so if the excess wealth comes from foreign countries. And if the country of wealth origin belongs to the third world it's outright evil, nothing less. It's just another form unholy imperial colonialism and I can't believe somebody still defends that kind of immorality.
>> So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it??
Yes, because at one point they thought they had enough property and could use more money. Either they were wrong or at some point that changed, and now they’ve reacted in acknowledgment that Canadians need local property more than they need foreign cash.
We also have an "investment" class visa and almost everyone who has used this bought a house to meet the "minimum requirements"
https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=653...
So.. earlier they encouraged foreigners to buy houses in order to get PR cards, now they ban it??