Friday, January 27, 2023

Canada issues law banning foreigners from buying homes

government of Canada headed byustin trudeau Issued a law that will operate for two years and that prevents foreign immigrants from buying homes in Canada, thus seeking to stop the housing crisis facing the northern country.

The new law provides exceptions for buyers with Canadian spouses or partners, as well as refugees and permanent residents, according to a set of rules issued by the Canadian executive last December.

This is how the President of Canada fulfills one of his election promises. “The lure of Canadian homes is attracting speculators, wealthy corporations and foreign investors,” Prime Minister Justin Trudeau’s party’s campaign website said last year. “This is creating a real problem of unused and vacant housing, rampant speculation and skyrocketing prices. Homes are for the people, not investors,” Trudeau said at the time.

Experts in the Canadian real estate sector confirm that a house in cities such as Montreal, Vancouver or Canada today can cost up to nine million Mexican pesos, 50 percent cheaper than when they were in 2013.

Non-Canadian residents represent between 1 and 3% of the real estate market in cities such as Vancouver, Toronto or Quebec, where national statistics show home prices are highest.

Analysts indicated that the arrival of Asian investors has increased the value of the real estate sector in the Canadian market, and that by 2023, nearly half a million immigrants are expected to arrive on Canadian soil.

Nation World News Desk
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