Toronto: On the New Year, Government of Canada, which is facing a shortage of housing, has banned foreigners buying residential properties. The ban began from January 1.
The Canadian government has also made it clear with the implementation of this rule that these restrictions will only apply to the city’s residences. This ban will not apply to properties like summer cottages.
Canadian Prime Minister Justin Trudeau had proposed this proposal for the convenience of the people during the election campaign in 2021. Due to rising prices in Canada, many people are not able to buy a house. This decision has been taken to benefit the local people.
The demand for home buyers in Canada has increased significantly for some time. People are engaged in buying and selling profit properties in Canada.
The government has made it clear that houses are for the people, not for the investors. The government has imposed a ban on buying residential property under the non-Canadian Act.