Tribune News Service
New Delhi, January 2
Canada has banned foreigners from buying homes from January 1 to make properties more affordable.
However, refugees and permanent residents can buy homes and the ban will not apply to recreational properties such as summer cottages.
A violation of the ban will lead to a fine of Canadian $10,000 (about Rs 6 lakh). The Canadian Government says 15 to 20 per cent of the owners of houses in the country are non-occupants who have invested to earn rent. Canadian Housing Minister Ahmed Hussein said, “The legislation ensures that housing is owned by Canadians only. The benefits will flow to everyone who lives in Canada.”
Canadian PM Justin Trudeau had proposed a temporary two-year ban during the 2021 election campaign to make more homes available to locals who are facing high housing prices.
Home prices had risen after the start of the pandemic due to the low interest rates and Trudeau’s party, sensing a hot political potato, had said one of the reasons was that profiteers, wealthy corporations and foreign investors were exploiting the situation. After a narrow electoral win, the Canadian Government in June passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Permanent residents can purchase property
- Refugees and permanent residents can buy homes and the ban will not apply to recreational properties such as summer cottages
- Home prices had risen after the outbreak of the Covid pandemic due to the low interest rates
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