Canadians have noticed a massive increase in house prices after the pandemic in 2020, and the government figures foreign buyers using the supply of homes as an investment.
The government has decided that this is a considerable disadvantage for all Canadians and has made a new rule banning foreign buyers from buying houses in Canada. This is believed to decrease the spike in Canadian home prices.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors. This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors,” said Prime Minister Justin Trudeau.
The Canadian Real Estate Association has commented on this by saying, “Canada has built a reputation as a multicultural nation that welcomes people from around the world. As currently proposed, the prohibition on the purchase of residential property by non-Canadians can impact our reputation as a welcoming nation. The potential benefits of the ban are likely to be modest.”
From this year onward, only Canadian citizens and some non-citizens exceptions are allowed to buy real estate in Canada. Buyers that break the new law will be faced with hefty fines. This law was discussed by the government last year’s June as a response to the very high prices for houses in cities all over Canada and has become a permanent law at the beginning of the year 2023.
“Through this legislation, we’re taking action to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country,” said Canada’s minister of housing and diversity and inclusion, Ahmed Hussen, in one of his statements.
Additional Info:
According to 2020 data from Statistics Canada, all surveyed provinces saw non-resident ownership rates in the single digits.
Sources:
– Halla Alhamed, U Multicultural
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of U Multicultural
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