CANADIAN GOVERNMENT BANS FOREIGNERS FROM BUYING HOMES

Wed 04 January 2023:

Any non-Canadian is no longer permitted to buy a home in Canada for two years, with a few exceptions, due to a new restriction on foreign home buyers.

The United States and the rest of the world are both prohibited.

Only those who are seeking refugee status, long-term international students, and visitors with temporary work permits are given preferential treatment under the law, which took effect on Sunday. Otherwise, only Canadian citizens and permanent residents are allowed to purchase homes.

Prime Minister Justin Trudeau and the law’s supporters said it would help slow runaway home prices in the Canadian housing market. Toronto and Vancouver are often included on lists of the 10 least affordable cities in the world.

“The desirability of Canadian homes is attracting profiteers, wealthy corporations and foreign investors,” Trudeau’s Liberal Party says in its campaign platform. “This is leading to a real problem of underused and vacant housing, rampant speculation and skyrocketing prices.”

But critics pointed out that the vast majority of properties in those and other major Canadian cities are already owned by Canadians. Non-Canadians make up only 6% of homeowners in British Columbia, which includes Vancouver, and Ontario, which includes Toronto, according to government data.

“The prohibition on the purchase of residential property by non-Canadians can impact our reputation as a welcoming nation,” the Canadian Real Estate Association said in a statement. “The potential benefits of the ban are likely to be modest.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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