Were you thinking of buying a house in Canada?
Well, the Canadian government has banned foreign homebuyers for two years. The move aims to cool the local market. Finance Minister Chrystia Freeland took steps to lower demand amid record home prices. Another step is to raise taxes on people who sell their homes within a year. But the measures have several exceptions, especially for permanent residents and international students. (source)
The Canadian government is under pressure to tamp down an overheated market. Prices have climbed by more than 20% last year. Plus, rental rates have also been rising. (source)
Freeland said, "We will make the market fairer for Canadians. We will prevent foreign investors from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes for Canadian families rather than as a speculative financial asset class."
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