On January 1, the ban on buying real estate in Canada takes place
Foreigners will no longer be able to buy a home in Canada. Does the new law affect immigrants?
After the new year, foreign corporations and citizens will not be able to buy a residential property in Canada. Such a bill was passed to make housing more affordable. The ban will last for two years and will start on January 1.
But the document has several exceptions for immigrants who live and work in Canada, foreign students and those with refugee status.
Those found violating the ban face a $10,000 CAD fine and have to sell the property they have purchased. Many Canadians want to buy their own home, but it's getting more complex daily.
Minister of Housing and Diversity and Inclusion Ahmed Hussen said, "Housing should not be a 'thing,' and the ban ensures that homes are owned by Canadians."
Categories of foreigners who are excepted of the ban:
- Canadian citizens and those with permanent resident status;
- International students who have lived in Canada for 5 years (or at least most of the time during the past 5 years);
- foreign workers who have worked in the country for 3 years and have filed tax returns;
- members of consulates and diplomats permanently residing in Canada;
- A spouse or common-law partner who lives with a permanent resident of Canada but does not have this status or citizenship.
Foreigners often buy residential real estate and use it as an investment. This creates a shortage in the market. Prices are constantly rising. Many residents prefer renting, which empties their pockets nicely. The government is trying to support renters and will even pay some categories of citizens one-time allowances.
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