Monday, 26 February 2024
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CanadaConstruction

The government broadens its prohibition on real estate in Canada

  • The Canadian government is extending its ban on foreign home purchases to the beginning of 2027.
  • The goal of the restriction is to guarantee that they remain homes for Canadian people.
  • The Canada-Ontario Housing Program will also provide an additional $19.75 million to Toronto.

The Canadian government is extending its 2022 announcement of a ban on foreign home purchases to the beginning of 2027. The regulation forbids foreign nationals and companies from acquiring residential real estate in Canada, with a few exceptions for temporary employees, international students, and asylum seekers.

The goal of the restriction is to prevent houses from being turned into speculative financial assets and to guarantee that they remain homes for Canadian people.

Foreign Home Purchasing

Given the modest proportion of non-Canadian-owned homes in the broader housing market, experts have questioned whether the prohibition will have a significant influence on housing affordability in Canada. In British Columbia, only 1.1% of property sales in 2021 had a foreign buyer.

The home purchase regulations do, however, have several exclusions that permit the acquisition of properties in some less populous areas or with four or more residences.

The federal government will donate more than $162 million to support Toronto’s disadvantaged groups, including asylum seekers, as stated by Deputy Prime Minister Chrystia Freeland. The Canada-Ontario Housing Program, which assists low-income individuals in meeting their rent obligations, will also provide an additional $19.75 million to Toronto.

With Canada experiencing a serious affordability crisis, housing has emerged as a key political flashpoint. To increase the number of housing starts, Conservative Leader Pierre Poilievre has suggested policies that would penalize towns that fail to meet federal housing goals and provide incentives to those who succeed.

To address the situation, the federal government has negotiated with the largest cities, tying federal funding from the Housing Acceleration Fund to changes in local building regulations and zoning.

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