Canada bans foreigners from buying houses

Ottawa [Canada], January 2: According to AFP, Canada has started banning foreigners from buying houses since January 1. This act was introduced to provide more homes to locals facing a housing crisis.
However, the law still allows some exceptions such as refugees and non-citizen permanent residents buying a home.
At the end of December 2022, Ottawa clarified that the ban would apply only to city homes and not to recreational properties such as summer cottages.
This temporary measure will last for two years. The regulation was proposed by Prime Minister Justin Trudeau of Canada during the 2021 election campaign, when soaring home prices made it impossible for many Canadians to own a home.
"Many people's desire to have homes in Canada is attracting profiteers, wealthy corporations and foreign investors," Trudeau's Liberal party said in its election plan at the time.
"This is leading to a problem of vacant and underutilized housing, rampant speculation and skyrocketing prices. Housing belongs to residents, not investors," the Liberal party said. dad.
Following their victory in the 2021 election, the Liberals quietly introduced the Non-Canadian Purchase of Residential Property Act.
Major markets such as Vancouver and Toronto have also introduced taxes on local non-residents and vacant homes.
Despite the recent heyday, the Canadian property market has cooled for sellers as mortgage rates are subject to the Bank of Canada's aggressive monetary policy aimed at curbing inflation.
According to the Real Estate Association of Canada, the median home price has fallen from a peak of more than $800,000 ($590,000) in early 2022 to just over C$630,000 ($465,000) last month.
Many experts also say a ban on foreign buyers - who account for less than 5% of home ownership in Canada, according to the National Bureau of Statistics - won't have the desired effect on job creation. stay more affordable.
Instead, they point out that more housing must be built to meet demand.
The Canadian Mortgage and Housing Corporation - the national housing agency - said in a report in June that the country will need nearly 19 million housing units by 2030. That means 5.8 million New homes must be built to meet that need.
Source: ThanhNien Newspaper