Wednesday, February 1, 2023

Foreigners are barred from buying homes in Canada for two years

first Amendment:

Non-Canadians will not be able to buy a house or apartment starting January 1 and for two years. The measure aims to combat the housing shortage in the North American country.

Starting Sunday and for the next two years, foreigners will not be able to buy homes in Canada, a ban meant to combat a shortage of homes and apartments in the country.

Exceptions are made for refugees or permanent residents, and the law only applies to urban housing, not tourist structures such as summer homes.

The measure was proposed by Prime Minister Justin Trudeau during the 2021 election campaign. His Liberal Party complained that foreign investors were driving up prices, making it more difficult for Canadians to buy homes. It was approved in the spring.

However, the housing market has slowed down recently as the central bank raised interest rates to curb inflation.

According to the Association of Realtors, the median home price last month was C$630,000 (US$465,000, €435,000), up from C$800,000 a year earlier.

Some experts are skeptical that the measure will be effective because foreigners make up less than 5% of homeowners in Canada according to the National Statistics Agency. His guess is that it would be better to speed up the construction of new homes.

(With inputs from AFP)

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