Foreigners will no longer be able to buy homes in Canada until 2027. Canadian Prime Minister Justin Trudeau has announced this. The Canadian government gave this information on Sunday. The Canadian government said that our goal is to address the concerns of the Canadian people. Due to continuously rising prices the citizens here are not able to buy houses. That's why this decision is being taken.
Decision taken for the welfare of the people of Canada
Finance Minister Chrystia Freeland said the Canadian government is increasing restrictions on foreigners buying homes. This rule was first announced in 2022 and will now be extended till 2027.
This will affect international students, refugee claimants and temporary workers. By extending the foreign buyer restriction, we will ensure that homes are used as homes for Canadian families to live.
Prices of house in Canada
According to the Canadian Real Estate Association (CREA), the average home price in Canada is expected to top $800,000 Canadian dollars in February 2022. The Bank of Canada has been continuously increasing the interest rates, after which the prices of houses in the country started skyrocketing.