Canada banned foreigners from buying residential properties in the country
According to CNN Business, Canada has prohibited foreigners from purchasing residential homes in the nation since housing values have risen since the COVID epidemic began. The Canadian government passed the legislation enacting the regulation. During his 2021 election campaign, Canadian Prime Minister Justin Trudeau suggested this temporary, two-year measure.
According to the law, there is an exemption for non-citizen immigrants and permanent residents of Canada. However, the high rise in home prices in 2020 and 2021 was already reversed in 2022, well before the law took effect, according to the report, which also stated that average home prices in Canada peaked slightly above $800,000 in February and have since decreased gradually.
According to the report, the Canadian Bank is to blame for rising housing prices since it has continued to boost interest rates, resulting in higher mortgage rates in the country. According to the report, the Canadian Real Estate Association’s (CREA) price index is still up 38% from the end of 2019, before the pandemic, but the group claims that inventory of properties for sale has returned to pre-pandemic levels.
Despite the exclusions for people planning to move to Canada, the group expressed concern about the law.
“As currently proposed, the limitation on non-Canadians purchasing residential property may harm our reputation as a friendly nation,” the group stated in a statement.
“The ban’s potential advantages are likely to be modest,” it noted.
“These give a place for Canadians to spend the winter months and serve as a type of savings for Canadian retirees.” If Canada prohibits Americans from owning property in the country, we should expect them to respond in kind, “according to CNN Business,” the group stated.
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