Canada will ban foreign nationals from buying homes starting January 2023 \u2013 with notable exemptions for permanent residents and temporary residents, including temporary workers and international students.<\/p>\n
The measures were part of Bill C-19 \u2013 the Budget Implementation Act, 2022 \u2013 which received royal assent on June 23, as the federal government looks to cool the hot housing market.\u00a0<\/span><\/p>\n Finance Minister Chrystia Freeland says the ban on foreign ownership of homes is needed to curb house prices in Canada and prevent them from rising so high as to push working-class and young Canadians out of the real estate market.<\/p>\n \u201cWe will make the market fairer for Canadians,\u201d said Freeland. \u201cWe 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.\u201d\u00a0<\/span><\/p>\n Read More<\/b><\/p>\n Immigration Through RNIP Jumps Tenfold \u2013 And Continues To Grow<\/a> The ban on homebuying by foreign investors, though, does not include permanent residents or temporary residents.<\/p>\n The temporary ban on foreign investment in the Canadian residential real estate market also comes as Ottawa is proposing to double the number of new homes being built in cooperation with the provincial and territorial governments, municipalities, and the private and non-profit sectors.<\/p>\n \u201cCanada does not have enough homes. We need more of them, fast,\u201d said Freeland. \u201cThis budget represents the most ambitious plan that Canada has ever had to solve that fundamental challenge.<\/p>\n \u201cWe will invest in building more homes and in bringing down the barriers that keep them from being built. We will invest in the rental housing that so many count on. We will make it easier for our young people to get those first keys of their own.\u201d<\/p>\n Until Canada\u2019s housing stock sees a serious uptick in starts, Ottawa wants to curb foreign investment in it to lower the rate of inflation in it.<\/p>\n \u201cFor years, foreign money has been coming into Canada to buy residential real estate, fuelling concerns about the impact on costs in cities like Vancouver and Toronto and worries about Canadians being priced out of the housing market in cities and towns across the country,\u201d states a backgrounder on the housing market published online by the federal government\u2019s finance department.<\/p>\n Watch Video<\/b><\/p>\n
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