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Canada bans foreigners from buying homes

2023-01-06 20:22:58Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Canada bans foreigners from buying homes
Canada bans foreigners from buying homes

Canada will ban non-resident aliens from buying homes for the next two years. This is one of Trudeau's electoral promises in the 2019 election campaign and now, 4 years later, it is in effect.

The objective of the new law is to control the increase in prices that the housing market has suffered since the pandemic. The Canadian government believes that this increase in housing prices comes from foreign buyers, who bought many properties as investments.

The new rule was approved by Parliament in June. Despite disallowing the purchase to foreigners, it is permitted to refugees, international students and permanent residents of Canada who will use the property as their primary residence. In addition, those who do not comply with the new law will face fines of up to 10,000 euros and the obligation to sell the property.

Prime Minister Trudeau's Liberal Party has explained that, in the Canadian real estate market, there have been numerous speculative operations in the hands of foreign corporations and investors, which have generated a housing shortage and that what is available is priced at high. From the party's own website they have explained that Canadian houses are attracting speculators, wealthy corporations and foreign investors and have denounced that houses are not for investors, but for people.

In April, the Canadian government presented its draft budget for the fiscal year 2022-2023, which focuses on reducing the deficit and reducing the cost of housing in the country.


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