Connect with us

NEWS

Canada Bans Foreign Home Buyers for Two Years

Published

on

Source: Shutterstock

With house prices jumping by approximately 20 percent, Canada is taking drastic measures to help cool down the country’s hot real estate market.

According to the Associated Press, Canada’s government just announced a two-year ban on foreign investors from purchasing real estate in the country. This includes single-family homes, condos, apartments and townhouses. Students, foreign workers and foreigners who are buying a primary residence in Canada will be exempt from the measures.
In addition, Canada’s Finance Minister Chrystia Freeland announced additional measures, including higher taxes for people who sell their home within a year and changes to the first-time homebuyer’s credit to help those looking to purchase their first home.

We will make the market fairer for Canadians,” said Freeland in the House of Commons. “We will prevent foreign investors from parking their money in Canada by buying up homes.”
ADVERTISEMENT - CONTINUE BELOW

bonvoyaged.com


Welcome to Bon Voyaged, your gateway to a world of adventure, exploration, and cultural discovery. Whether you're an intrepid globetrotter planning your next big adventure, a travel enthusiast seeking inspiration for your bucket list, or simply someone looking to escape through the wonders of travel from the comfort of your own home, our platform is here to provide you with a wealth of information, tips, and inspiration. Join us in celebrating the beauty and diversity of our world as we share stories, recommendations, and a passion for wanderlust that knows no boundaries.