Canada bans foreign home ownership

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.

READ ON:

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

January 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031