Canada's 'Foreigners Buying Ban': Everything You Need to Know

Canada’s ‘Foreigners Buying Ban’: Everything You Need to Know

Benjamin Thompson Kirk

CANADA’S ‘FOREIGNERS BUYING BAN’: EVERYTHING YOU NEED TO KNOW

As house prices continue to soar in Canada, the government has announced a plan to ban foreigners from buying homes in Canada in addition to a number of other measures meant to curb the housing crisis.

The new budget proposal sets aside billions of dollars to spur new construction and proposes new programmes to help first-time homebuyers.

They are also considering implementing a blind bidding system to help make housing more affordable for locals. Some experts have blamed blind bidding for accelerating house prices and making it harder for locals to purchase homes.

What does the Foreign-Buyer Ban mean?

The foreign-buyers ban will stop foreigners from buying homes in Canada for two years. The ban won’t apply to students, foreign workers or foreign citizens who are permanent residents of Canada.

It is seen as a way to reduce competition and protect Canadians from being priced out of the housing market. However, some argue that a two-year ban will not have any impact on what’s a fundamental lack of supply as house prices in Canada have soared more than 50% over the past two years alone.

“

The foreign-buyers ban will stop foreigners from buying homes in Canada for two years. The ban won’t apply to students, foreign workers or foreign citizens who are permanent residents of Canada.

Do you have any questions about the new measures? You can get in touch with Real Estate agent, Benjamin Thompson Kirk.