NEWS
Canada Bans Foreign Home Buyers for Two Years
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With house prices jumping by approximately 20 percent, Canada is taking drastic measures to help cool down the country’s hot real estate market.
According to the Associated Press, Canada’s government just announced a two-year ban on foreign investors from purchasing real estate in the country. This includes single-family homes, condos, apartments and townhouses. Students, foreign workers and foreigners who are buying a primary residence in Canada will be exempt from the measures.
At the heart of #Budget2022 is a plan to make housing more affordable for Canadians. It's a plan with three key pillars: helping people save for their first home, increasing housing supply, and curbing speculation. Find out more here: https://t.co/4qEXARyngu pic.twitter.com/5M3R5UBcEN
— Justin Trudeau (@JustinTrudeau) April 9, 2022
In addition, Canada’s Finance Minister Chrystia Freeland announced additional measures, including higher taxes for people who sell their home within a year and changes to the first-time homebuyer’s credit to help those looking to purchase their first home.
We will make the market fairer for Canadians,” said Freeland in the House of Commons. “We will prevent foreign investors from parking their money in Canada by buying up homes.”
