Canada bans foreign investors from buying property in the country as home
A Canadian law barring foreigners from buying property in the country took effect Sunday, as part of Prime Minister Justin Trudeau‘s plan to address inflating prices spurred by a recent uptick in home purchases from Asian immigrants. The bill, dubbed the Prohibition on the Purchase of Residential Property by Non-Canadians Act, seeks to quell the country’s housing crisis by prohibiting all outsiders – particularly investors – from purchasing property throughout its 10 provinces. ‘The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,’ the Liberal Party of Canada wrote ahead of the law’s coming into effect on Sunday. The three-time prime minister singled out Ontario’s Hamilton in particular, which, like countless cities across the country, has seen home prices surge. Advertisement‘As currently proposed, the prohibition on the purchase of residential property by non-Canadians can impact our reputation as a welcoming nation.
2 months ago
EMEA Tribune