m city condos for sale.House prices soared. The ban on some foreigners buying houses in Canada has come into effect since January 1, 2023.Please Visit: m city condos for sale to Get Your VVIP Registration Today!
The two-year ban is designed to help ease one of the world’s most unaffordable housing markets and provide more housing for Canadians at a time of housing shortages.
Starting from January 1, the ban prohibits non-Canadian citizens or non-permanent residents from buying residential properties, and violators will be fined 10,000 Canadian dollars (50,000 yuan).
However, the ban covers only urban residential properties and does not apply to leisure and entertainment properties such as holiday homes and country villas. In addition, international students, refugee applicants and holders of temporary work permits who have resided in the country for at least five years are not subject to its restrictions.
Canadian Federal Housing Minister Ahmed Husen said in a statement that the ban is intended to prevent buyers from investing their homes as commodities rather than as places to live and start families.
“We are taking action to pass this legislation to ensure that housing is owned by Canadians for the benefit of everyone living in this country,” Ahmed said. ”
The two-year interim measure was proposed by Canadian Prime Minister Durudao during his election campaign in 2021, when soaring house prices prevented many Canadians from owning homes.
As of the summer of 2022, the average house price in Canada was 777000 Canadian dollars (3.93 million yuan), slightly lower than before, but still much higher than it was a decade ago. The average house price in Canada was 523000 Canadian dollars (2.65 million yuan) in 2013, and last year Canadian house prices rose 48 percent from 2013.
At the same time, the average household income of Canadians is struggling to keep pace with rising house prices. The latest figures show that Canada’s median after-tax household income grew by just 9.8 per cent from 2015 to 2020.
During the election campaign, Trudao’s Liberal Party said: “the accessibility of Canadian housing attracts speculators, wealthy companies and foreign investors.” This creates a real problem, namely, housing is underutilized and idle, speculation is rampant and prices are soaring. Houses are for people to live in, not for investors. ”
However, some people are critical of the ban, Agence France-Presse reported. Many experts say the ban on foreign buyers will not have the desired effect of making homes cheaper. Foreign buyers account for less than 5 per cent of home ownership in Canada, according to the national statistics agency. Experts believe that only by introducing more housing construction can we meet the demand.
