Friday, January 27, 2023

Are you looking to buy a home in Canada? Trudeau bans foreigners from buying houses

Justin Trudeau’s government will ban him during the next two years People who don’t live in Canada permanently can buy a house, it also wants to stop using real estate as a measure, in addition to it being one of their campaign promises Economic speculation.

The measure, which also seeks to control prices, came into force earlier this year, Since the start of the pandemic, housing prices have registered an increase, in addition to the belief that foreign buyers acquire many properties as investments and this has led to a housing shortage for Canadians.

You can also read: Canada will require a negative COVID-19 test for travelers arriving from China

“Housing is for the people, not for the investors” insisted Prime Minister Justin Trudeau. But he specified that those who can buy the housing are refugees and permanent resident foreigners who are going to use the properties as their main home.

“The measure, one of Trudeau’s election promises in his final campaign for the 2019 elections, is being put into practice despite the fact that Home prices in Canada have fallen by nearly 13 per cent this yearAccording to the Canadian Real Estate Association”, The newspaper revealed

In addition to higher house prices at the start of the pandemic, the Bank of Canada raised interest rates in recent months. Last April, the Government of Canada presented its proposed budget for the fiscal year 2022-2023 Deficit reduction and affordable housing in the country

Of the C$31.2 billion in new spendingA third is earmarked for making the purchase of homes more affordable For Canadians.

Nation World News Desk
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