Langstaff Gateway Condos for sale. How to buy a house in Canada? There is a lack of evidence that Canada will follow the United States and Australia to check the funding sources of overseas home buyers.Please Visit: Langstaff Gateway Condos for sale to Get Your VVIP Registration Today!
The news comes from the headline article “Deep Armament”, which does not provide any basis to support its claim.
The relevant Canadian government departments and industry associations have not released the news that “the funds of foreign home buyers will be checked.” Nevertheless, Canada began to systematically strengthen its regulation of property transactions in the country at least two years ago.
Recently, it has been reported on the Chinese Internet that Canada will follow the United States and Australia to thoroughly investigate the funding sources of overseas buyers, and properties with unclear funding sources will be confiscated and auctioned to offset congressional spending.
According to relevant sources, Canada pointed out that this move can not only make up for Canada’s increasingly deficient treasury, but also slow down the trend of excessive rise in local house prices.
The average house price across Canada was around C $720850 (3.6243 million yuan) in November 2021, up 19.6% from the same period last year, according to the Canadian Real Estate Association (CREA). As of December 15, 2021, Canada’s benchmark selling price (benchmark sale price) had climbed to C $790600 (about 3.977 million yuan), Bloomberg reported.
Online information does not have a specific source, only the use of “Canadian name” and other extremely vague expressions. A keyword search around “overseas buyers of Canadian real estate” (Canada real estate foreign buyer) on Google failed to find relevant reports, official statements or government documents that showed Canada’s decision to thoroughly investigate the funding sources of overseas buyers within nearly a year.
In Canada, the government department directly responsible for the supervision of real estate transactions is the Ministry of Finance. Searching the Canadian Ministry of Finance’s website for information related to “real estate” does find a budget report related to enhanced regulation of property purchases, which mentions that in order to improve the access of federal law enforcement agencies to home purchase data at home and abroad, the federal plan is to allocate and strengthen cooperation with local governments such as British Columbia to combat “tax non-compliance” and “money laundering”.
The report will be released in March 2019. In other words, Canada has been planning to tighten its regulation of real estate transactions at least two years ago.