The Government of Canada has introduced legislation prohibiting foreigners without permanent residence in the country from buying homes. The measure is aimed at controlling prices in one of the most expensive real estate markets in the world to stop investors.
The Canadian government, led by Justin Trudeau, explained it in a statement. In it, the North American nation’s housing minister, Ahmed Hussen, He assured that the ban is intended to discourage investors who view their homes as a mere product for speculation, not a residence for living and raising a family, according to the BBC.
“Through this legislation, we are taking steps to ensure that homes are owned by Canadians, for the benefit of everyone living in this country,” Hussen added in the press release.
Justin Trudeau’s Liberal Party already had the slogan ‘homes are for people, not investors’ on their campaign website last summer, according to the BBC.
The average price, eleven times higher than the average salary
According to the latest official data for summer 2022, the median house price in Canada was 777,200 Canadian dollars (568,000) US dollars (534,883 euros), a digit eleven times above average salary.
