The government has implemented a ban on the purchase of residential property under the Non-Canadian Act.

Toronto:

In Canada, the government has banned buying property for foreigners.

Foreigners buying residential property in Canada have been banned with the aim of providing more homes to local people facing housing shortage.

This ban has become effective from Sunday 1 January 2023.

However, there are many exceptions to the Act.

The Canadian Government has also made it clear that this restriction will only apply to city residences.

This restriction will not apply to properties like summer cottages.

Earlier, the Canadian government has also given a shock to those who applied for study and PR visas.

Last year a large number of visas were rejected.

Facing a housing shortage, Canada has banned foreigners from buying residential properties.

Actually, the demand for home buyers in Canada has increased a lot in the past.

People are engaged in buying and selling profit property in Canada.

The government has made it clear that the houses are for the people and not for the investors.

The government has implemented a ban on the purchase of residential property under the Non-Canadian Act.

The proposal was kept during the elections in 2021


Canadian Prime Minister Justin Trudeau had made this proposal during the election campaign in 2021 regarding the property for the convenience of the people.

Due to rising prices in Canada, many people are not able to buy a house.

This decision has been taken to benefit the local people.

Many exceptions in


the Act According to the news agency ANI, although there are many exceptions in the Act which allow refugees and permanent residents to buy houses.

Major markets such as Vancouver and Toronto have also started taxing non-residents and vacant homes.

The real estate market in the country has turned sluggish for sellers as the Bank of Canada's aggressive monetary policy is being followed to check inflation.

What is the benefit of banning foreign buyers?


However, many experts related to the real estate business have also said that the ban on foreign buyers will not have any effect in making homes more affordable, rather more housing will be needed to meet the demand.

The Canada Mortgage and Housing Corporation said in a June report that by 2030, about 19 million residential units would be needed.

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(This news has not been edited by NDTV team. It is published directly from syndicate feed.)

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