Monday, July 4, 2022

Canada announces ban on home buying by foreigners

“The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year”

PRAVASISAMWAD.COM

Canada announced ban on investors from buying homes in Canada for two years. The decision, according to the announcement, is an attempt to cool off a hot housing market.
A report in USA Today said, Prime Minister Justin Trudeau’s government announced the decision on Thursday (07-04-22) as a measure to tamp down speculation and demand amid record home prices in announcing the federal budget for the year.
“Finance Minister Chrystia Freeland took a number of measures to tamp down speculation and demand amid record home prices in announcing the federal budget for the year,” the report said.

The measures, according to media reports, include multiple exceptions including for permanent residents and foreign students

The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year, though both measures include multiple exceptions including for permanent residents and foreign students, said the USA Today report and added, “The government is under pressure to cool an overheated market after prices climbed by more than 20 per cent last year, while rental rates have also been rising.
Part of the decision is a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year. Both the measures, according to media reports, include multiple exceptions including for permanent residents and foreign students.

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