Canada puts ban on foreigners buying residential properties on Sunday. The ban was put after the surge in home prices since the pandemic started.
The law was passed in the beginning of the pandemic. Some politicians also believed that the buyers were snapping up the supply of homes as investments. Moreover, The campaign site of Australian Prime Minister Justin Trudeau’s party also wrote the desirability of Canadian homes attracted profiteers. “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors,” according to the campaign site.
According to the sources, in the law, an exception has been made for the immigrants and permanent residents of Canada who are not citizens.