A ban on foreigners buying residential property in Canada took effect Sunday, aiming to make more homes available to locals facing a housing crunch.<\/p>\n\n\n\n
Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes.<\/p>\n\n\n\n
The temporary two-year measure was proposed by Prime Minister Justin Trudeau during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.<\/p>\n\n\n\n
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” his Liberal Party said in its election plank at the time.<\/p>\n\n\n\n
“This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”<\/p>\n\n\n\n
Following their 2021 election victory, the Liberals quietly introduced the \u2018prohibition on the purchase of residential property by non-Canadians act.\u2019<\/p>\n\n\n\n
Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes.<\/p>\n\n\n\n
According to the Canadian Real Estate Association, average home prices have fallen from a peak of more than $590,000 at the start of 2022 to just over $465,000 last month.<\/p>\n","protected":false},"excerpt":{"rendered":"
A ban on foreigners buying residential property in Canada took effect Sunday, aiming to make more homes available to locals facing a housing crunch. Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes. The temporary two-year measure was proposed by Prime Minister Justin Trudeau …<\/p>\n","protected":false},"author":4,"featured_media":89264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_108372464460192_245495985553329":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[31],"tags":[128,557,385],"class_list":["post-89263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-canada","tag-house","tag-refugees"],"yoast_head":"\n