8 elm condos.Foreigners are prohibited from buying houses for two years. Canada’s ruling Liberal Party unveiled its 2022 budget on Thursday, targeting the red-hot real estate market, aimed at improving housing affordability amid soaring inflation, while promising moderate new spending to encourage medium-term growth.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
The budget plans to provide C $9.5 billion (US $7.5 billion) in new spending on housing over five years and promises legislation to ban foreign investors from buying homes in Canada for two years, but does not give a legislative timetable.
It also promised to impose a new tax on domestic housing speculators, double the number of new homes built over the next decade, and increase tax breaks for first-time buyers. Most of the measures were outlined in the Liberal Party’s re-election campaign last year.
Presenting the budget to lawmakers, the Canadian Finance Minister said: “our economy is built by people, and people need homes to live in.” “We will prevent foreign investors from using property purchases to park their funds in Canada.”
At the end of March, the government of Ontario, Canada’s most populous province, announced without warning that it would increase the non-resident speculative tax rate, commonly known as the real estate “foreign buyer tax”, from 15% to 20%. And expand the tax coverage from Toronto and surrounding areas to the province. The province has implemented a “foreign buyer tax” since 2017. In addition, British Columbia, where Vancouver is located, has implemented a 20% real estate “foreign buyer tax” in many densely populated areas.
After the COVID-19 epidemic, the Canadian central bank slashed interest rates to ultra-low levels, and house prices continued to rise, with an overall increase of more than 50 per cent so far. Overall house prices in Ontario have tripled in the past decade, far exceeding income growth.
As a result of these policies working in the real estate market, millions of people in the country, especially young people, have been completely excluded from the category of “homeowners”.
According to a recent survey, about 1/3 adults in Canada (more than 8 million) do not own a house, and about 3/4 of them want to buy a house, but cannot afford it.