Canadian Immigration: 4 Ways Brexit Could Affect Canadians

The world trade, interest rates and US dollar prices are going to be affected now that UK has voted to leave EU.

The news of Brexit’s referendum can affect Canadian businesses including Canadian immigration. The major affected businesses are:

Exports Sector

Bill Morneau, the Candian Finance Minister suggested to rethink the strategies of Canadian businesses that invested in UK to have a share in European market.

Morneau briefed that Canada may also lose the benefits offered under Comprehensive Economic and Trade Agreement that is still under review.

UK is Canada’s third largest trading partner with 3% of total exports traded in the UK. Separation of UK from EU means a great loss for Canada’s trade with UK since a new agreement will be required that may take decades.

Lower Returns

The governor of Bank of England told that there are chances of financial instability for both Canadians and British. As per 2014’s records, a large proportion of Canada’s foreign investment has been invested in UK, directly. It is recorded to be 8.3% of the total investment.

Higher Rates of US Dollar

There’s a threat that Brexit can turn the value of UK pound weak against US dollar.

The European uncertainity will not only affect UK but it will also affect the economy of US. Janet Yelen, the US Federal Reserve chairman warned that high dollar prices in US will lower the trades in the country.

It will not only affect the trade pattern but also, it will result in expensive travelling in US. The aftermath will influence Canadian’s summer vacation plans.

High Housing Prices

The housing market in Canada will also stay hot since the market uncertainty caused by Brexit will hit all around the globe. Interest rates are predicted to be low. This will affect the people who are moving to Canada under Canadian immigration, the most as they’ll need a place to live in Canada.

Though the issues are certain, but with the help of our Canadian immigration experts, you’ll certainly find a plan to make things work for you. Contact our Canadian immigration consultants at: immigrationexperts.pk