Details about the Canada Ban on Most Foreigners over Home Purchases
CANADA – The implementation of the act that bans most foreigners from buying homes in the country has officially started.
Different countries have different rules when it comes to foreigners entering their nation, putting up businesses, buying residential properties, staying for studies or researches, etc. Thus, you cannot simply buy a house with passing the requirements set by the state in terms of residential property purchases.
Undeniably, there is a growing population across the globe now and the construction of houses and other residential properties are taking way fast. There are some countries that have made changes on the rules they set in terms of residential properties.
Based on a report on ABS-CBN News, one of these countries with a newrule on residential properties is Canada. An act banning most foreigners from buying homes in the country was approved.
According to the report, the act does not cover all foreigners in the country. Refugees and permanent residents in the country who are not citizens are allowed to buy homes. Furthermore, the act that bans most foreigners in Canada from buying homes is only applicable to city dwellings and not to recreational properties like summer cottages.
Reportedly, the said temporary measure was proposed by Prime Minister Justin Trudeau in the pursuit to make more homes available for the locals amid a residential property crunch in the country now. He stressed that a lot of investors and wealthy foreign investors are looking into the profitability of Canadian homes.
Then during the 2021 election campaign, the now-Prime Minister stressed that “homes are for people, not investors”. Aside from the measure that bans most foreigners from purchasing residential properties in Canada, Toronto and Vancouver also introduced taxes on houses that are empty and those that belong to non-residents of the country.
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