Canada has proposed a new law that would ban foreigners from buying homes within the country
Canada is on track to ban most foreigners from buying a house for two years and provide billions of dollars to spur construction activity in an attempt to cool off what reports claim as a “surging real-estate market.”
Under proposals by the nation’s prime minister Justin Trudeau, the ban would be imposed to stop foreigners from buying a residential property over the next 2 years.
The plans are in response to the ongoing affordability crisis of homes, with the cost of a new home rising by as much as 20 percent in the past few months, and over 50 percent over the last two years.
Buyers are reportedly buying now as interest rates are set to rise now that the world is moving past COVID.
According to government sources, the foreign-buyer ban won’t apply to students, foreign workers or foreign citizens who are permanent residents of Canada.
The Prime Minister remains committed to tackle housing affordability within Canada, addressing the issue with “priority.”
