Canada Bans Foreigners From Buying Residential Properties

Jan 09 2023

<div style=' background:#FFFFFF;color:#000000;font-size:15px;font-family:Verdana;width:auto;padding:5px;max-height:100%;'><span><p>A new Canadian law took effect January 1st that essentially bans foreign buyers from buying residential properties as investment for two years. The temporary two-year measure was introduced by Prime Minister Justin Trudeua During the 2021 election camping when soaring prices put home ownership beyond the reach of many Canadians , and some politicians also believed that foreign buyers were to blame because they were buying up supplies of properties as investments<br></p><span></div><div><img height='400px' width='auto;' class='img_dynaPost' src='/BlitzMobiImages/consumers/company551995499/mediafiles/xzpyfnyU55.tmp'/></div><div style=' background:#FFFFFF;color:#000000;font-size:15px;font-family:Verdana;width:auto;padding:5px;max-height:100%;'><span><p>The law provides exceptions for home purchases by immigrants and permanent members of Canada who are not citizens. Even with the exceptions for those who intend to relocate to Canada, the real estate association expressed concern about the law. Canada is known for being a cosmopolitan country that welcomes visitors from all over the world. According to the group's statement, the ban on non-Canadians buying residential property may have an adverse effect on our reputation as a friendly country.The restriction is likely to have only limited benefits.<br><br><br></p><span></div><div><img height='400px' width='auto;' class='img_dynaPost' src='/BlitzMobiImages/consumers/company551995499/mediafiles/feBhcFC657.tmp'/></div><div style=' background:#FFFFFF;color:#000000;font-size:15px;font-family:Verdana;width:auto;padding:5px;max-height:100%;'><span><p>The Canadian Real Estate Association (CREA) has expressed fear that the prohibition might lead to reprisal from the United States and Mexico, which would forbid Canadians from making acquisitions there, particularly pensioners searching for winter homes outside of Canada.<br></p><span></div>

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