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World

Canada prevents foreigners from buying real estate

The Canadian government has made it unlawful for non-Canadians to purchase properties in the nation due to soaring property prices. On Sunda...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief January 02, 2023
Updated January 2, 2023 at 11:10 AM
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Canada prevents foreigners from buying real estate
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Canada prevents foreigners from buying real estate

The Canadian government has made it unlawful for non-Canadians to purchase properties in the nation due to soaring property prices.

On Sunday, January 1, 2023, the law—which was adopted in the nation of North America after the Covid-19 epidemic had already started—became effective.

Some MPs made a temporary rule that would only last for two years in response to allegations that Canadian purchasers were to blame for the nation's abrupt increase in property prices.

According to the Liberal Party of Canada and Prime Minister Justin Trudeau, the exorbitant cost of real estate in the nation is tempting opportunists and foreign investors.

Ottawa made it clear in late December that the prohibition will only apply to residences in cities, not to vacation homes like lake cottages.

When growing housing costs rendered owning a house unattainable for many Canadians in 2021, Prime Minister Trudeau recommended this short-term strategy for a two-year period.

The campaign website states, “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.” 

The Liberals won the 2021 election and promptly passed a law making it illegal for foreigners to buy primary residences in Canada.

According to an Associated Press story, major cities like Vancouver and Toronto have also implemented levies on non-residents and abandoned residences.

But according to news sources from Canada, the rule has been changed to accommodate immigrants and permanent residents who are not citizens.

Tags: World

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