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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.
Housing problems have been going on in Canada for several years. Canada, as a country of immigrants, at least 300000 immigrants come to Canada every year, but the supply of housing 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.
People familiar with the matter said, “what needs to be restricted are those who have bought property in Canada but never come to live. They leave the house empty so that those who need to buy a house have no house to buy when there is a shortage.”
“although this measure may reduce some of the competition in the housing market, I don’t think it will lead to a drop in house prices,” said the founder of a real estate investment company. ”
The main purpose of the Canadian government’s action is to ensure the purchase of homes for its own people, and the Canadian government is ready to invest billions of dollars to increase the supply of housing.
Now there is a shortage of housing in the Canadian real estate industry. In order to change this situation, the Canadian government has decided to invest billions of dollars to add new housing to the original housing supply. The increase in housing supply will be able to meet the current demand for housing in Canada, which will prevent Canadian house prices from rising rapidly.
Not only that, in order to encourage Canadian people to buy homes, the Canadian government also decided to implement a tax-free first-visit savings account policy. This policy is mainly aimed at Canadians under the age of 40, who can borrow C $40,000 tax-free from their housing savings funds for down payments.
This will reduce the down payment pressure on Canadian citizens who buy a house for the first time and easily stimulate citizens’ interest in buying a house. The main purpose of this series of actions of the Canadian government is to reserve housing for Canadians. Of course, the Canadian government did not adopt an one-size-fits-all approach and made concessions to some people. This is only Canada’s ban on the real estate industry for the next two years, and if it does not work well, the Canadian government is likely to delay the ban.
