Canadian government banned all the foreigners to buy houses and residential properties in Canada due to lack of property available for locals. In last year December, Canadian government banned property buying only in cities not to summer villas and cottages.
Last year the banned was implemented by Canadian Prime Minister Justin Trudeau, saying that because of 2021 election, the property prices increase at high rates which make house ownership difficult for local people of Canada. This is causing foreign wealthy investors to buy more properties than locals. Homes are for people living in it not for the investors for investing.
Ban on residential properties in Canada
After winning the election of 2021 by Justin Trudeau party, he started the act of prohibition to buying properties by non-local people of Canada. After implementing this ban, the rate of residential houses also decreased from US$ 590,000 to US$ 460,000.
The Canadian real estate association estimated that over 3.5 million new houses are to be built in one or two years to meet the supply demand issue of residential properties for locals a well as non-locals living and doing work in Canada.
The real estate experts said that banning on foreigners will just put Canadian economy market on loss. Rather than putting ban government should build more houses for local people to meet the property shortage for local people.
To meet this shortage, almost 19 million more houses are needed by the end of 2030. Putting a ban on foreigners will restrict international investors and dealers to work anymore in Canada. This will put a stop to international markets working in Canada.