Canada is banning some foreigners from shopping for property after dwelling costs surged

New York
CNN
 — 

Canada in 2023 is closing its doors to foreign investors who want to purchase homes.

A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. The law was passed because of a spike in Canadian home prices since the start of the pandemic – and some politicians’ beliefs that foreign buyers were responsible by snapping up supply of homes as investments.

“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the campaign website of Prime Minister Justin Trudeau’s party this past year. “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”

The law provides exceptions for home purchases by immigrants and permanent…

The post Canada is banning some foreigners from shopping for property after dwelling costs surged appeared first on CaymanMama.com.

from CaymanMama.com https://ift.tt/UVOTXHv