A ban on foreigners buying residential property in Canada took effect on Sunday, aiming to make more homes available to locals facing a housing crunch.

Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes.

In late December, Ottawa also clarified that the ban would apply only to city dwellings and not to recreational properties such as summer cottages.

The temporary two-year measure was proposed by Prime Minister Justin Trudeau during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.

“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” his Liberal Party said in its election plank at the time.
This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”

Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes.

Despite a recent heyday, the country’s real estate market has cooled for sellers as mortgage rates followed the Bank of Canada’s aggressive monetary policy in a bid to rein in inflation.

According to the Canadian Real Estate Association, average home prices have fallen from a peak of more than Can$800,000 (US$590,000) at the start of 2022 to just over Can$630,000 (US$465,000) last month.

Source: https://www.vanguardngr.com/2023/01/canada-bans-most-foreigners-from-buying-homes/amp/
"

I agree with Canada.

Before the major powder distributors start claiming they developed Canada.

Naija still get it's small advantage o!

I won't be surprise if more than 70 percent of the houses Belongs to our politicians


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tijani0:
Our politicians has finished this country

Obinna, next time, use "have".

Osariemen12:
A ban on foreigners buying residential property in Canada took effect on Sunday, aiming to make more homes available to locals facing a housing crunch.

Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes.

In late December, Ottawa also clarified that the ban would apply only to city dwellings and not to recreational properties such as summer cottages.

The temporary two-year measure was proposed by Prime Minister Justin Trudeau during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.

“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” his Liberal Party said in its election plank at the time.
This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”

Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes.

Despite a recent heyday, the country’s real estate market has cooled for sellers as mortgage rates followed the Bank of Canada’s aggressive monetary policy in a bid to rein in inflation.

According to the Canadian Real Estate Association, average home prices have fallen from a peak of more than Can$800,000 (US$590,000) at the start of 2022 to just over Can$630,000 (US$465,000) last month.

Source: https://www.vanguardngr.com/2023/01/canada-bans-most-foreigners-from-buying-homes/amp/
"

Maybe some people don dey wag their mouth say dem don buy half of Canada
Poverty no good at all..

Did you know that Small Canada has more Jews than the UK

Can you imagine

So it's now rental for life..

I hope the decision will be review in the future..

Anyways, one slap for money laundering

You won’t have any reason to japa if Tinubu becomes the president, standard of living will be high and cost of living will be very low.


Good afternoon guys

F

These western imperialist have started the discrimination.

Now we have alternative, anytime Nairaland messes up

chenel16: Absolutely, OBidients have been shown too much persecution and hate on Nairaland.....I am glad we now have our own forum ECHO nigeria

Ritchiee:


Maybe some people don dey wag their mouth say dem don buy half of Canada
Poverty no good at all..

This kind vawulence this new year. Be calming down.


Don't forget to vote for Peter Obi.


God bless you.

But they can just give it to thier relatives who is a citizen to buy for them ...

It won't affect politicians trying to launder some dineros

Dem say he don do, make una go another country

LeoDeKing:
I agree with Canada.

Before the major powder distributors start claiming they developed Canada.

Isn't it too early in the year to be stupid?

Hmmm

This development can only affects us we all know the beast from the north and ewedu Muslims don't like good things. The sleep in gutters and front of shops and push wheelbarrow next day

Canada the leveler!

Noted.

Ok

LeoDeKing:
I agree with Canada.

Before the major powder distributors start claiming they developed Canada.

the chief distributor in question

Ilamina:
Did you know that Small Canada has more Jews than the UK

Can you imagine

Really?

LeoDeKing:
I agree with Canada.

Before the major powder distributors start claiming they developed Canada.

this is all you have to say from this issues arising......with youths like you Nigeria is in trouble.....if u look we now u go see say na urchins be this guy

LeoDeKing:
I agree with Canada.

Before the major powder distributors start claiming they developed Canada.

AWON DEVELOPERS ISONU

Some people will still blame Tinubu for this