Saturday, February 4, 2023

Canada bans foreigners from buying homes for the next two years to control prices

government of Canada Will bar the purchase of homes by non-resident foreigners for the next two years, a measure aimed at controlling prices.

This new law approved by Justin Trudeau’s government came into force on January 1. Given the rise in house prices in Canada Since the start of the pandemic and the belief that foreign buyers bought many properties as investments.

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As explained in recent months TrudeauLive in the Canadian real estate market Many speculative operations in the hands of corporations and foreign investors Which has created the problem of housing shortage and skyrocketing prices.

“Housing is for the people, not for the investors” insisted the President of Canada.

Refugees and permanent residents of Canada who are going to use it as their main residence can buy the house.

measure, one of the election promises of Trudeau In its last campaign for the 2019 elections, it has been put into practice despite the fact that housing prices have increased Canada They’ve fallen about 13% this year, according to the Canadian Real Estate Association.

All this and the Bank of Canada has been raising interest rates in recent months after a sharp increase following the pandemic.

Last April, the Canadian government presented its budget project for the 2022-2023 fiscal year focused on reducing the deficit and reducing the cost of housing in the country

One-third of the C$31.2 billion (US$24.8 billion) in new spending is earmarked to make home ownership more affordable for Canadians.

Nation World News Desk
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