The Canadian government is banning foreigners from buying home in Canada for the next two years.
A two-year ban on foreigners’ acquisition of homes in Canada is the government’s way of controlling out-of-control housing problems. Not all foreigners are included in the ban.
As of this summer, the average home price in Canada is C$777,200 ($568,000; £473,700), more than 11 times the median household income after taxes. How will this directly benefit the country?
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Critically the impact of the directive may hurt Canadian housing projects. According to reports, non-Canadian residents make up less than 6% of homeowners in Ontario and British Columbia. A province where national statistics indicate home prices are the highest.
This ban proscribes people who are not Canadians or permanent residents from buying residential properties and imposes a C$10,000 fine. Failure to comply may invite deportation.
A few days before the ban, the Canadian government announced some exemptions to the regulation, including for international students who have been in the country for at least five years, refugee claimants and people with temporary work permits.
Federal Housing Minister Ahmed Hussen said the ban is meant to discourage buyers from looking at homes as commodities. Families should focus on each other’s growth. With this legislation, we are taking action to ensure that housing is owned by Canadians.
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Statistics show that housing in Canada is more expensive than in New Zealand, the UK and the US. Latest data indicates the median after-tax household income grew 9.8% from 2015 to 2020. Africans, especially Nigerians and Ghanaians, are the most affected foreigner. Most Africans come together to buy homes.
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