By Christian Britschgi | Reason
The Canadian government is welcoming the New Year by giving foreigners the cold shoulder. On Sunday, a new law went into effect banning noncitizens, nonpermanent residents, and foreign corporations from buying homes and condos in the country.
It’s a fulfillment of Liberal Prime Minister Justin Trudeau’s campaign trail promise to combat the allegedly rampant real estate speculation that’s driving up home prices for ordinary Canadians.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the Liberal Party’s campaign website last year, noted CNN. “Homes are for people, not investors.”
The policy was later folded into the government’s budget proposal in April 2022. “We will make sure that houses are being used as homes, rather than as commodities to be traded,” said Chrystia Freeland, Canada’s finance minister, at the time.
