Tuesday, February 7, 2023

Canada bans domestic purchases from foreigners to control prices

Canadian government will ban for the next two years Purchase of homes from non-resident foreigners, a measure aimed at controlling prices. The law, approved by Justin Trudeau’s government, came into force on January 1 due to rising housing prices in Canada. since the pandemic beganand the belief that foreign buyers bought many of the properties as investments.

As Trudeau noted, the Canadian real estate market has been subjected to a number of speculative operations at the hands of corporations and foreign investors, leading to The problem of housing shortage and skyrocketing prices, Canada’s president insisted, “Housing is for the people, not investors.”

The law states that refugees and permanent residents of Canada who are going to use it as their main residence can buy a house. measure, one of the election promises In his last campaign for the 2019 elections, Trudeau has been vindicated in practice despite the fact that home prices in Canada have fallen by almost 13% this year, according to the Canadian Real Estate Association.

House For Rent House Mortgage Building

All this and the Bank of Canada has been raising interest rates in recent months after a sharp increase following the pandemic. In fact, last April, the Government of Canada presented its budget project for the fiscal year 2022-2023, which focused on Deficit reduction and affordable housing in the country, One-third of the C$31.2 billion (US$24.8 billion) in new spending is set for buy a more affordable home For Canadians.

Nation World News Desk
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