Harbourwalk Condos Mississauga.House prices have soared by 50% in two years! Canadian Finance Minister Chrystia Freeland will release Canada’s federal budget report, which includes a new rule that Canada will ban foreigners from buying homes for a period of two years.Please Visit: Harbourwalk Condos Mississauga to Get Your VVIP Registration Today!
However, Canadian permanent residents, foreign workers and students are not subject to this new measure. Foreigners who buy houses in Canada as their main residence can also be exempted.
Canadian house prices have soared by more than 50 per cent in the past two years, with a record rise in February, with benchmark prices rising to C $869000 (US $693000).
“I don’t think house prices will fall because of this,” said Simeon Papailias, founder of real estate investment firm REC Canada. Even if I think it does reduce some competition in the most competitive real estate market in Canadian history, I don’t think the two-year repair will have an impact on the underlying supply shortage. ”
In addition to banning foreigners from buying homes, Freeland will also provide billions of dollars to build comfortable housing in an attempt to cool the soaring Canadian property market.
At the same time, according to people familiar with the matter, Freeland will implement a new “tax exemption for the first housing savings account”, which will allow Canadians under the age of 40 to save up to C $40,000 for their first suite, which is tax-free when they buy a house.
The housing problem has been going on in Canada for several years. As an immigrant country, at least 300000 immigrants come to Canada every year, but the housing supply is restricted by various factors, which leads to a continuous rise in housing prices. Some foreign capital then entered the Canadian real estate market to invest and make a profit, further pushing up house prices and causing public dissatisfaction.
