Highlights
- Temporary and Permanent residents are exempted from this ban
- The foreign ban will be implemented from January 2023
- Ottawa plans to double the construction of homes
Canada has announced that it will ban foreigners to purchase homes from January 2023. The temporary and permanent residents, temporary workers, and students will be exempted from this ban.
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The Finance Minister Chrystia Freeland has announced that a ban on foreign ownership of the houses has been implemented to control the rising of house prices in Canada. The minister has also stated that the step has been taken to make the real estate market fair for the Canadian citizens.
The ban will be temporary as Ottawa has plans to double the construction of new homes. These homes will be constructed with the cooperation of the following:
- Provincial governments
- Territorial governments
- Municipalities
- Private sectors
- Non-profit sectors
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Canada plans to invest more in the construction of new homes
The minister has also stated that more funds will be invested in the construction of new homes so that barriers related to the construction can be reduced. Investment will be made in the rental housing and the keys will be handed over to the young people first. Freeland has said that Canada does not have more homes and the current budget has been made to resolve the problem.
Ottawa wants to control the foreign investment in home purchase to lower the inflation. Foreign money is being invested to purchase homes in Canada which increased the costs in Toronto and Vancouver. There is a possibility that Canadian citizens may be priced out across Canada.
In order to help Canadians to get the homes first, ban has been implemented on the foreign investors.
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