The Canadian government has announced that there will be a ban on the acquisition of houses by foreigners by January. However, this ban does not include permanent residents and temporary residents, including temporary workers and international students.
This is part of Bill C-19 – the Budget Implementation Act, 2022 granted royal assent earlier in the year, as the government looks to curb the cost of housing.
The Minister of Finance, Chrystia Freeland, says the ban on foreign ownership of homes is needed to curb house prices in Canada and prevent them from rising so high as to cause the real estate market to collapse.
“We will make the market fairer for Canadians,” said Freeland. “We will prevent foreign investors from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes for Canadian families rather than as a speculative financial asset class.”
This ban on home buying, though, exempts permanent residents or temporary residents.
Ottawa has placed a temporary ban on foreign investment in the Canadian residential real estate market also comes to double the number of new homes built in cooperation with the provincial and territorial governments, municipalities, and the private and non-profit sectors.
“Canada does not have enough homes. We need more of them, fast,” said Freeland. “This budget represents the most ambitious plan that Canada has ever had to solve that fundamental challenge.
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