Canada bans foreigners from buying property after surge in property prices
January 2, 2023 - PatialaPolitics
Canada bans foreigners from buying property after surge in property prices
Canada’s ban on foreigners buying residential properties took effect on Sunday after the spike in home prices since the pandemic started, CNN Business reported.
The law comes amid surge in property prices since the start of the pandemic. Politicians believe foreign buyers were responsible for snapping up the supply of homes as investments.
However, the new ban has an exception for immigrants and permanent residents of Canada, who are not citizens.