Harbourwalk Condos price.Canada strictly restricts foreigners from buying houses in the next two years. The Canadian government has announced that foreigners will be banned from buying non-self-occupied properties in Canada for the next two years, in an attempt to cool the overheated real estate market.Please Visit: Harbourwalk Condos price to Get Your VVIP Registration Today!
Canadian Deputy Prime Minister and Finance Minister Cristina Freeland announced this year’s federal budget on the same day, focusing on dealing with tight housing supply, insufficient housing stock and soaring house prices.
In his budget, Freeland mentioned a number of measures to curb real estate speculation and demand, including that foreigners are not allowed to buy houses in Canada for the next two years, and sellers who buy houses in less than a year will face high taxes and fees.
According to the Canadian Television Network, the above two measures do not apply to permanent residents, foreign workers and foreign students, and foreigners’ purchase of long-term self-occupied property is not restricted by the purchase ban.
Canadian house prices rose by more than 20 per cent last year, and rents also soared. The government is under pressure to cool house prices.
According to the new budget, the Canadian government is also prepared to invest billions of Canadian dollars to increase housing supply, and plans to open a “first suite tax-free savings account” to help more Canadians become “homeowners.”
Bob Dugan, chief economist of Canadian Mortgage and Housing Corporation (CMHC), said:
“the high growth rate of house prices in Canada over the past two years is unsustainable, and housing costs are now unaffordable for most new buyers, which will lead to an overall slowdown in the market in 2022 and an expected increase in borrowing costs. led to a further slowdown in house price growth in 2022 and 2023.
Mortgage rates are not expected to stabilize until 2024, when house prices will return to moderate growth, supported by rising household incomes and immigration.
