Canada to Mint Multimillionaires in Real Estate: More Immigrants Needed

By John T. Samuel Sr.

The book is of particular interest to investors and potential immigrants. The book looks at Canada's millionaires and billionaires, and expects to have many more of them in a population of 100 million Canadians by 2100. It points out how the dream can be achieved without difficulties.

Since natural increase in Canada would be negative in about 13 years, there is great need for increased immigration of the most qualified, wealthy and enterprising people to this country for which Canada has prepared the ground by significantly increasing the number of foreign students, provincial nominees and temporary workers.

The book has the potential to translate into more than one language that belongs to countries of our past immigrants; in particular, India, China, Taiwan and the Philippines.
I am a published author (Amazon sells my 2013 memoir, Many Avatars: One Life), and I have other books and numerous chapters in textbooks as seen in Canadian Who's Who.

Dr. John Samuel

• Language: English
• Publisher: Tellwell Talent
• Release date: Apr 9, 2021
• ISBN: 9780228855965

John T. Samuel Sr.

Who is Dr. John Samuel Sr.?Dr. Samuel is a triple gold medalist for his academic standing at the master's level and a Commonwealth Scholar. He earned his Ph.D. in Economics from the University of Toronto in 1965.Dr. Samuel worked for the Immigration Dept. from 1969 to 1996 in the policy area, and was closely involved in the determination of immigration levels to Canada. He represented Canada at various meetings and conferences in Mexico City, Geneva, Madrid, New York, and India.He was also adjunct research professor at Carleton University for 26 years, and was external examiner for numerous master's and Ph.D. theses in a number of universities in Canada and abroad. He was a visiting professor in Mexico and India.He was a consultant in about 20 different federal government departments, including the Prime Minister's Office. Also he was a consultant for the United Nations, International Labour Organization and the Australian Government.Dr. Samuel has published extensively on immigration, including invited chapters in many books as seen in Canadian Who's Who. His 1994 publication, Separatism in Quebec is Dead: Demography is Destiny, received extensive national publicity on the eve of the second Quebec referendum in 1995. The book was reviewed in the Globe and Mail.He published his memoir, Many Avatars: One Life, in 2013.

Book preview

Canada to Mint Multimillionaires in Real Estate

More Immigrants Needed

John T. Samuel Sr.

Canada to Mint Multimillionaires in Real Estate

Copyright © 2021 by John T. Samuel Sr.

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law.

Tellwell Talent

www.tellwell.ca

ISBN

978-0-2288-4893-6 (Paperback)

978-0-2288-5596-5 (eBook)

Net proceeds from the book will

go to a charitable foundation to help students seeking higher education.

Dedication

Evangelist Kanam Varkey

This work is dedicated to the memory of my great father, known as Evangelist Kanam Varkey, who passed away in 1974 at the age of 74 in Kerala. He inspired me, helped me to get an education and taught me the fundamentals of real estate investment and management. After half a century, a community leader in the Malabar mission field remembered him and said, Evangelist Varkey was God to us. I admire his unfailing fortitude, farsightedness and community involvement. He became a municipal councilor and model citizen.

Preface

I would like to express my appreciation for the assistance provided by the following people. They read the manuscript completely or partially and provided me with their comments. They include investor Dr. John Zachariah of Ottawa; statistician Dr. C.I. Petros of Montreal; demographer Dr. Ravi Verma, formerly of Statistics Canada; economist Jean Durjan; Robert Luiz; and consultant Nand Tandon of Ottawa. Julian Samuel and Elisa Ojeda assembled the pictures. I alone am responsible for any mistakes found.

Contents

Chapter 1 - The Last Avatar: Real Estate Investor

Canadian billionaires

Immigrants

Adversity and innovations

Many Avatars

Racism

Human rights

Consulting work

People’s Forum

Real estate investment

Chapter 2 - Changing Racial Situation in Canada

Fear of Muslims

Multiculturalism in school curriculum

Turbaned leader

Indigenous peoples

Chapter 3 - The Guru

A multimillionaire

Value doubled

Ottawa: No more bone chilling?

Looking for land

Population projections

Death of Quebec separatism

US social underdevelopment

Get rid of the Second Amendment

Setting a record

Guns kill in Canada, too

Chapter 4 - A Hundred Million Canadians?

Sparsely populated

Clifford Sifton

Southern Europe

Weinfeld

Doug Saunders

Not redistribution of world population

Process resources in Canada

Strong ethnic base

Multiculturalism helps

Role model for developing countries

Mouse or moose

Racism in Quebec

A blow to racism

The Australian example

Chapter 5 - Real Estate Choices

Real estate investment trust

Land

Buildings with land

Chapter 6 - Take-off of Canada

I Want to Hold Your Hand

Ten percent US poverty rate

Take-off

Global context

Temperature changes

Changes in rainfall and snowfall

Changes in climate extremes

Canadians own real estate

Immigrants make more jobs

Gerry Weiner

Chapter 7 - All Regions Are Not Alike

Ontario and BC

The Maritimes

Chapter 8 - Population Projections

Province of Ontario

Non-permanent residents

Housing demands

Chapter 9 - Greater Toronto Area

Toronto population projections

1964 letter to the editor

Chapter 10 - City of Ottawa

Population projections

Chapter 11 - City of Kingston

Kingston CMA growth potential

The baby-boom phenomenon

Kingston CMA base case projection

The base-case implications

The high case

The alternate projections

Chapter 12 - The City of Kitchener

Blue box discovered

Chapter 13 - City of London

Town president

City in 1855

Health care centre

Recession

Chapter 14 - The City of Windsor

Growth remarkable

Students increasing

Strong economy

Manufacturing bounces back

Lower dollar helps

International students

Tecumseh

New subdivisions

Hot spots

Chapter 15 - City of St. Catharines

Niagara

Shipman’s Corners

Short history

Erie Canal

Open spaces

Traffic

Age distribution

Garden City

Massive influx of immigrants

Good weather

Student Housing

Transportation demand

Canadian ice wine

Chapter 16 - The Province of Quebec

Predominantly French

Cold and snowy

Independence

Substantial natural resources

Celebrities

Population projections

Key highlights

Seniors eighty-plus

Population decline in sight

Growing metropolitan area

Tables available

Chapter 17 - Province of British Columbia (BC)

Discovery of gold

Population projections

Faster-growing population

Victoria falls below national population

growth average

Five million people

Regional growth

Demand for public services

Projection highlights

Decline in working-age population

Sub-provincial projections

Chapter 18 - Growing Cities in BC

The City of Surrey, BC

Burgeoning high tech

Rapid growth

Population projections

Character of population

Population projections

The City of Burnaby

Growth projections 2021-–2041

Town centres

The City of Abbotsford

The City of Victoria

Chapter 19 - City of Halifax

Climate and coastlines

Coastlines

Fresh water

Business

Chapter 20 - The Key Towards 100 million Canadians?

Population to decline!

Labour shortage

Chapter 21 - Canada’s Economic Performance

Australian example

Record lower unemployment rate

What is the right amount of deficit financing?

Manning’s mistake

Role for quantitative easing

Western alienation

Prosperity and austerity

Chapter 22 - Provincial participation

Meticulous researcher

Reasons for provincial disinterest

Racism in Quebec

Jagmeet Singh

Chapter 23 - Provincial Nominees Program

Local employment issues

Chapter 24 - More International Students

Economic benefits

Win-win-win situation

Easy to integrate

Chapter 25 - Temporary Foreign Workers

Temporary work permits

Caregivers needed

Chapter 26 - Conclusion

Is there a quota system?

Invisible quota system

My will!

Importance of location

Bibliography

Appendix A

Chapter 1

The Last Avatar: Real Estate Investor

I call this introductory chapter The Last Avatar since my other occupational avatars are described in my 2013 book, Many Avatars: One Life. My occupational avatars that I mentioned were: farmer, middle school teacher, homeopathic physician, university professor-researcher, school board trustee, immigration policy wonk, founding editor, community activist, consultant, and now the last avatar: real estate investor.

I do not consider this to be a scholarly work, with footnotes and referenced page numbers. All the work was done during the lockdown of COVID-19. A visit to a library was impossible. My home library was of great help; also, the Internet.

I have used a lot of material that was published by scholars. I have published more than a hundred titles of that type myself in scholarly journals and chapters in textbooks, apart from whole books. The target for this publication is the common person, especially if they are interested in investing in Canadian real estate. I have tried to minimize the use of numbers, though I love them, and you will see quite a few here.

There are three themes in this manuscript: personal memoirs/stories, real estate, and Canada and its future growth. These three are interconnected and intermingled in order to make the reading a little easier.

If anyone is wondering why only some provinces and cities are specifically mentioned, the reason is because only these are expected to give an opportunity to become a multimillionaire through investment, according to the current assessment of their growth prospects and potential as judged from the residential vacancy rates at the present time. This situation could change in the future. For instance, if for some reason oil prices take off again (most unlikely), or if gold or another precious metal is discovered in a province or city, the list of areas mentioned would be different.

Canadian billionaires

In November 2017, Canada had about100 billionaires, according to the magazine Canadian Business, which lists them and their net worth. The Americans had about 600, according to Forbes Magazine, which counts them often. Proportional to the population, Canada should have had only about 60 billionaires, a tenth of the US numbers. The difference could be because the definitions used are different.

The difference in the value of the dollar between the two countries is unlikely to be the cause of this difference. If the same definition is used, the US would have more than ten times the Canadian number. They have a trickle-down approach in wealth creation, while Canada has a bubble-up-from-the-bottom approach simultaneously.

Because of huge disparities in income, the average net worth of Americans was much higher than that of Canadians. However, the median net worth (the number that is right in the middle of all those numbers) of Canadians was CDN $295,100 in 2016, a jump of nearly 15 percent from four years back, and almost double the 1999 level. In the US, the median net worth of an American in the same year was only US $97,300. Canada has a lower percentage of people with wealth below $10,000 and a higher percentage with more than $100,000.

Canada’s Office of the Parliamentary Budget Officer says the top 1 percent of Canada’s families hold about 25.6 percent of the wealth, up from the 13.7 percent estimated under a previous methodology. This could be partly explained by the rise in house prices. Anyone with a single-family home in a respectable district in Toronto with no mortgage would be a millionaire, since such a home is worth more than a million in Toronto.

Immigrants

A brief look at current Canadian billionaires shows that almost half of them are immigrants. They came from the following counties: Taiwan, United States, Italy, Israel, Poland, Lebanon, China, Scotland, Switzerland, Jamaica, Romania, Germany, UK, Wales, South Africa and India. Since becoming a billionaire starts with becoming a millionaire first, it would be good to have a brief look at those who are listed as billionaires from Canada. However, if their activities are examined, it becomes obvious that many of them started in real estate and then moved to other areas.

One estimate says Canada had 1.3 million millionaires in 2018, and that’s expected to rise by 54 percent to nearly two million people by 2023, the Global Wealth Report 2018 said. Canada would be ranked fourth—behind China and Russia—out of twenty-four large economies when it comes to the biggest percentage gain in the population of millionaires in the next five years. After minting 30,000 new millionaires in 2019, Canada accounts for 3 percent of the world’s wealthiest, despite being home to only 0.6 percent of the adult population, according to the Credit Suisse Global Wealth Report.

The US is home to 40 percent of the world’s 46.8 million millionaires, the biggest share of any country.

Canada’s wealth per adult grew by 5.2 percent since 2000, faster than the United States’ 4 percent. The period from 2009 to 2016 was particularly strong when a rising Loonie (Canadian dollar) and home prices pushed the growth rate to 6.1 percent.

Adversity and innovations

If necessity is the mother of invention, adversity is the mother of innovation. It was adversity in India and living in a family with eight siblings that led me to the study of population control and family planning. This motivated me strongly to study hard and acquire first class and first rank in the Economics Honours program from the University of Kerala, in the state of Kerala, India, along with three gold medals, and later to get a Commonwealth Scholarship to Canada. I was one out of sixteen selected that year (1961) from about 3,000 applicants.

An unknown factor at that time was that the chairman of the board of examiners in Economics Honours (1957) was the very embodiment of population studies in India, who later became Minister of Health and Family Planning under Prime Minister Indira Gandhi, Dr. Sripathi Chandrasekhar. When he came to