Following an increase in real estate market values, the Canadian government has made it illegal for foreigners to purchase property in the nation.
The law was passed by the North American nation after the Covid-19 pandemic began, but it became effective on Sunday, January 1, 2023.
Canada made this decision, which will only be in effect for two years, because some MPs thought that buyers were to blame for driving up the supply of properties for investment purposes and driving up prices.
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The appeal of Canadian homes, according to Prime Minister Justin Trudeau and his Liberal Party last year, is drawing profiteers, powerful corporations, and international investors.
Ottawa also clarified in late December that the ban will only apply to city residences and not to recreational properties like summer cottages.
During the 2021 election campaign, when home ownership was out of reach for many Canadians due to skyrocketing prices, Trudeau offered this short-term, two-year policy.
According to the campaign site, “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”
The Liberals discreetly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act after winning the 2021 election.
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According to an Associated Press story, major cities like Vancouver and Toronto have also enacted levies on non-residents and vacant residences.
According to reports from the nation, a legal exception has been granted for Canadian immigrants and permanent residents who are not citizens.
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