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Florida Governor Ron de Santis (Ron DeSantis) proposed legislation that would ban buyers from China and seven other countries from buying agricultural land and land around military bases.
De Santis said the ban would prohibit citizens of countries including China, Cuba, Russia, Iran, North Korea, Syria and Venezuela from buying property. The ban is mainly for national security reasons to prevent international spies from using land investment to collect information. The ban has not yet been submitted to parliament for approval.
Four months ago, in August 2022, U.S. Senator Mike Lentz of South Dakota introduced a bill that would blacklist China, Russia, Iran and North Korea. Individuals and entities in these countries are prohibited from investing in, buying or acquiring farmland in the United States or agriculture-related enterprises.
Unlike the United States, which bans foreign buyers from buying land because of national security concerns, Canada has introduced a policy to ban foreigners from buying houses because its house prices are too high.
It is reported that Canada’s law banning foreigners from buying property came into effect on the first day of the New year in 2023. It is part of a plan by Prime Minister Justin Trudeau Justin Trudeau to address rising prices triggered by home purchases by Asian immigrants, including Chinese immigrants.
The bill, known as the Prohibition of non-Canadians buying Residential property Act, aims to quell the housing crisis by banning all outsiders, especially investors, from buying properties in its 10 provinces.
Since the epidemic, the average house price in Canada has soared to $800000. The bill was passed by Parliament in June 2022 and became a policy of Trudeau to crack down on real estate speculation.
Data show that the vast majority of real estate speculators in Canada come from India and China.
As the number of houses on the market continues to decline, frenzied bidding wars have become commonplace, and more and more Canadians have been displaced by historically high house prices-38% more than three years ago.
The ban on residential property purchases by non-Canadians has received little attention in the mainstream media, and now some people accuse it of being xenophobic.
Census data released in October 2022 show that immigrants now make up 23% of Canada’s population, most of them from Asia-leading many industry experts to believe there is a link between the two.
The Prohibition of non-Canadians from buying Residential property Act is a two-year interim policy, and Canadian officials reiterated their support for Trudeau to sign it despite recent criticism.
Canadian Housing Minister Ahmed Hussein asserted last month that the legislation aims to “ensure that housing is owned by Canadians for the benefit of every citizen living in this country.”
The campaign website of Trudeau’s party issued a similar statement on the guidelines and outlined the reasons for the recent fluctuations in the real estate market.
“the attractiveness of Canadian houses is attracting profiteers, wealthy companies and foreign investors,” the Liberal Party of Canada wrote before the bill took effect in the New year. ”
“this leads to a real problem, that is, housing is underutilized and vacant, speculation is rampant and house prices are soaring. Houses are built for residents, not investors.
Trudeau said in a speech that promoting the bill through Parliament “is to make life more affordable for Canadians and to promote our economic development.”