In Canada, a lot of senior people have their wealth locked in their houses and real estate. IF immigrations is stopped completely, capital gain will go negative because there is not going to be any increase in population plus no incentive for anyone outside canada to put money in the real estate. That alone will deal a death blow to people's finances in Canada. Thats cancellation of majority of Canadian retirement. It will be a blood bath.
I saw one of the Potato Talkies videos on YouTube and they said that the real estate owners who normally rent out apartments to new immigrants mainly international students weren't able to do so last year because of border closures so they decided to sell some of the apartments. They bought a 1BR apartment in Kitchener for 450k which was supposedly on the cheap.