This ban on the purchase of residential properties for foreign buyers has been implemented for two years from January 1, 2023.
This law was put in place because housing prices in Canada have increased since the start of the Coronavirus pandemic.
The Canadian Prime Minister’s party (Justin Trudeau) pointed out last year that: Canadian houses have attracted foreign investors, rich companies, and profit-seeking people due to their desirability. Therefore, the purchase of Canadian houses by these people has caused a real housing problem and property prices have skyrocketed.
According to the Prime Minister of Canada, houses are for people, not investors.
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