Minister, what is the current state of the Canadian economy? How much has the global economic crisis affected it? Of course, the crisis has affected both the economy and the entire life of our country. However, the global turmoil in Canada affected to a lesser extent than in many other states. The maximum drop in GDP was 2%, but now this figure has returned to the pre-crisis level. As for the unemployment of the population, before the crisis, this indicator was at the level of a multi-year minimum, and then increased. Now there is again a downward trend in unemployment, and the current value of the indicator is about 8%. Obviously, Canada survived the crisis much easier than our neighbor, the United States. What is the reason for such stability of Canada in the face of the crisis? The Canadian financial system does not copy the American or European model. In general, it is distinguished by a greater degree of government regulation. This is especially noticeable in relation to the mortgage market. To obtain a loan in Canada, you need mortgage risk insurance, as well as at least a 20 percent down payment, in addition, the loan term is limited to 35 years. We have a more traditional approach to lending, due diligence is always performed in relation to borrowers and objects, so our lending institutions did not bear such a volume of risks compared to their American counterparts. But it was the massive defaults on mortgages in the United States that provoked the global crisis. Can we say that the Canadian real estate market has also been more resilient? Yes, and I can give you a very clear example. In 2009, before moving to Moscow, I sold my house at a higher price than I bought it in 2006. The fact is that sharp fluctuations are not typical for the Canadian market. In the pre-crisis years in our country there was no such rapid growth in real estate prices as in the United States or a number of European countries, respectively, and during the crisis there was no significant drop. In recent months, national average property prices have been rising again. How do real estate prices in the US and Canada compare? This question cannot be answered unequivocally, since both countries are very large and in each of them the price range is extremely wide. But if we talk about average indicators, then real estate in Canada is more affordable, buyers have more opportunities. I would like to note that in our country there are no restrictions for foreign buyers of real estate, they can use mortgage lending. It seems to me that Canadian real estate is attractive for its combination of investment potential and leisure opportunities. In the long term, the value of real estate in our country will grow. Canada is one of the few countries with a policy of attracting immigrants. How does this relate to the real estate market? Indeed, Canada is a country of immigrants. Its population is only 33 million people, while its area is the second in the world. Therefore, for the development of this vast territory, it is necessary to attract people from other countries, to interest them. This is definitely a positive factor for the real estate market, as the influx of immigrants stimulates the demand for housing. The government has developed special immigration programs, there is a list of professions required in the country, there are also requirements for applicants. As a rule, these are qualified professionals, including blue-collar workers, or so-called self-employers, who know how to create work for themselves and for others. The previously existing program, which provided for a residence permit in exchange for investment in the economy, is now suspended. Can a Canadian property owner get a residence permit? There is no direct relationship here - however, the presence of real estate in Canada is a positive factor. However, buying a house does not have to be associated with immediate immigration - it can be a kind of "alternate airfield". Here is a very common situation: a Russian family with a teenage child. The parents have a good job and there is no financial reason to move abroad. However, taking care of their child's education, they buy a house in Canada and send him to study. After the successful completion of education, the child will be easy to naturalize, and then he can sponsor the parents for their retirement to Canada. Who usually buys Canadian real estate and which regions are the most attractive for foreigners? Of course, most of the buyers are Americans, but there are also many Europeans. Foreigners are usually attracted by mountain resorts in the west of the country and Quebec, real estate near lakes. In terms of investment, I would recommend paying attention to the central parts of large cities. For example, Toronto is like a small New York, where everything is there - museums, theaters, restaurants, educational and cultural institutions. What is the attractiveness of Canada as a country for living? The surge in interest in Canada is an international trend driven by several factors. First, Canada combines a high standard of living with a reasonable cost, which is lower than in the United States and many European countries. At the same time, Canada has a significant number of European cultural trappings, especially in provinces such as Quebec, where the general way of life is more European. Secondly, English is spoken in Canada - and this is also very important for foreigners. Further, Canada is a country of immigrants, it has a very open, friendly society, and foreigners feel comfortable here. Finally, our country is stable in every sense - which was also confirmed by its stability during the global crisis. All this also attracts Russians. We have a large Russian and Ukrainian community, there are Russian newspapers, Russian restaurants, Russian food, Orthodox churches. I have met quite a few Russian immigrants in Ottawa, and most are very effectively integrated into the Canadian population; I have not come across such closed communities as exist in a number of US cities. What similarities do you see in our two countries? First, of course, a similar climate, which is associated with a certain way of organizing society, its social factors. Russia and Canada are northern countries where you need to cope with weather conditions together. It is no coincidence that we have achieved a lot in winter sports - for example, in hockey! The similarity of the climate opens up many opportunities in business, especially in the construction and agricultural sectors. The scale is also comparable: our countries are the largest on the planet, and at the same time we are neighbors in the Arctic. How do Canadians feel about their home, are there any national characteristics? Canadians love separate houses, for them it is one of the main values in life. At the same time, unlike the USA, communities in Canada are developed differently. Settlements are not just real estate development, they have their own infrastructure, social system, and in this Canada is more like Europe. What advice would you give to those who are thinking about buying a home in Canada? Our country welcomes those who want to become an investor and contribute to the economy and development of Canada. Traditional advice - think carefully about the purpose for which you are making a purchase, compare prices in different regions. It will be useful to talk with those Russians who already have real estate and some experience of living here. And, of course, I invite everyone who has not yet been to Canada to visit it and make sure that it is a comfortable, open and friendly country for life.