In Canada, a law has come into force that for a period of 2 years bans foreigners from buying homes in the country, the DPA said.
Only Canadian citizens and those with Canadian permanent resident status have this right. The ban also applies to US citizens.
Some exceptions are allowed, according to which certain categories of foreign citizens can buy residential properties in the country. They apply to long-term resident international students, people who have applied for refugee status, and foreigners with temporary work permits in Canada.
Canadian Prime Minister Justin Trudeau and other supporters of the ban say it will help curb rising house prices in the country. Toronto and Vancouver are frequently included in the top 10 most expensive cities in the world to buy a home, notes DPA.
Opponents of the new law point out that in the Canadian province of Ontario, home to Toronto, and British Columbia, home to Vancouver, only 6 percent of residential properties are not owned by “non-Canadians,” according to official government figures. Canadian. . They believe the ban will have little effect on house price growth in the country, the BTA reported.
