Langstaff Gateway Condos.Canada will strictly control foreigners from buying houses in the next two years. The Canadian government announced today that foreigners will be banned from buying non-self-occupied properties in Canada for the next two years, aimed at cooling the overheated real estate market.Please Visit: Langstaff Gateway Condos 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.
A man wearing a mask arrives at a COVID-19 vaccination site in Missisoga, Ontario, Canada, Feb. 4.
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.”
Total GTA home prices rose 12.8% year-on-year to $1.16 million in the second quarter of 2022, compared with more than $1 million in the same period last year, the report said. On a quarterly basis, total home prices in GTA fell 8.1% in the second quarter from the previous quarter, the first quarterly decline in the region since the first quarter of 2018.
Royal LePage Real Estate Services Ltd. Demand for housing in Toronto and many second-tier cities in the Golden Horseshoe area has slowed in recent months as buyers have made concessions to seize the market, said Karen Karen Yolevski, chief operating officer.
In the second quarter of 2022, total housing prices in the greater Montreal area rose 13.9% from a year earlier to $585000 from $514000 last year. The price of a single-family home rose 18.1 per cent to $660000, while the median price of a condo rose 11.7 per cent to more than $452000.
From the first quarter to the second quarter, average house prices rose 2.5% month-on-month.
Marc Lefran ç ois, a licensed real estate agent at Royal LePage Tendance in Montreal, said the rise in interest rates had led buyers to “seriously reassess their financial capabilities, which reduced their enthusiasm and slowed demand for property in June.”
