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In a letter of authorization sent to housing minister Ahmed Ahmed Hussen on Thursday, Trudeau called for measures to be taken as soon as possible to deliver on a promise made to Canadian voters to temporarily ban the sale of non-leisure homes to foreign buyers, according to Global News.
Trudeau said the move will effectively ensure that there will not be a large number of vacant houses and that Canadians who want to buy a house will not have a house to buy.
The ban appeared in the Liberal Party platform in this year’s federal election. Since the outbreak of the new crown epidemic in Canada, the Canadian real estate market has exploded unexpectedly, with big cities rising sharply and small cities rising slightly, and house prices have been pushed up to a level that ordinary Canadians cannot afford.
Moreover, the high house prices caused by the frenzied looting of offer have also created panic among home buyers, and with the Bank of Canada preparing to raise interest rates next year, more and more Canadians are gritting their teeth and buying a home in order to lock in interest rates in advance.
The day before, the Canadian real estate agency said that the national average house price in Canada had soared to C $720850 in November, up 2.7% from the previous month and 25.3% from a year earlier, and is expected to reach C $739500 in 2022.
The real estate bureau said it expected prices to rise even higher in the two hottest cities in the housing market, Vancouver and Toronto.