Immigration has completely slowed down now that the borders are tightly closed. There are no rich foreigners coming in to purchase homes at this time, but there is still optimism, that as soon as the crisis is over we will quickly bounce back to where we were and the housing market will come back up. Immigration will actually be one of the things that influences the market at a large scale because of how often immigrants were coming in and having an influence on the economy.
- When it comes to immigration and the home buying market, a lot of their fates depend on how quickly the economy rebounds.
- Economist Robert Hogue however believes that wealthy foreign buyers will help fix the market and we will see a steady recovery once COVID-19 passes.
- When travel restrictions are eased, immigration will increase and that will lead to more homes being bought at hopefully better prices.
“The influx of would-be home buyers from overseas has dried up amid the mobility restrictions put in place by governments worldwide due to the coronavirus pandemic.”