Just as happened when millions of foreign workers fled Silicon Valley for Wall St. in 2002 after Silicon Valley collapsed due to H-1Bs, the flight of foreign workers from the US to Canada has caused a loan default crisis in that country.
Very simple: when you replace mortgage-paying local workers with millons of remittance-hungry foreign looters, the loans that were good go bad.
This was the real cause of the 2008 “subprime loan” crisis in the US in 2008 (that and outsourcing to India Incs), and now it is happening in Canada in the same way.
Locals work + spend their $ locally, foreign workers move in to remit western currencies back home, driving loan-paying locals out, causing massive loan bad debt.
Looks like all the hype about how all the H-1B refugees from the US would make Canada boom has had the opposite effect. Everywhere these people go there is collapse.
We told you so.