Why Canada Banned Nigerians, Other Foreigners From Buying Estate Property
Afnews Editor
Jan 02, 2023
Canadian government has banned non-Canadians from buying homes in the country following surged prices in the real estate market.
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The North American country passed the law after the start of the Covid-19 pandemic but it took effect from Sunday, January 1, 2023.
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Canada took this decision that will last only two years when some politicians believed that buyers were behind the skyrocketed prices jerking up the supply of homes as investments.
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According to Prime Minister Justin Trudeau and his Liberal Party last year, the desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors.
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In late December, Ottawa also explained that the prohibition would apply only to city dwellings and not to recreational properties such as summer cottages.
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This temporary two-year measure was proposed by Trudeau during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.
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According to the campaign site, "This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.ÔÇØ
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Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
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Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes, as per Associated Press report.
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However, in the law, an exception has been made for the immigrants and permanent residents of Canada who are not citizens, as per reports from the country.
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SOURCE
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— Afnews Editor