Pak Sahafat – The Associated Press reported Monday that the government of Canada will ban foreigners from buying housing in the country for the next two years; Restriction due to unprecedented inflation in the Canadian housing sector.
According to Pak Sahafat News agency, Axius news site reported, the importance of restricting the purchase of houses by foreign investors in Canada is due to the fact that the housing market in this country has been one of the hottest markets in the world and prices have risen by more than 20% last year.
The plan targets unfair measures that have pushed up housing prices in Canada and, according to reports from the office of Canadian Prime Minister Justin Trudeau, is aimed at balancing the Canadian housing market.
The Canadian government will also charge higher taxes on those who sell their homes after one year.
In this plan, some permanent residents and foreign students are exempted.
Euronews also reported on the new restrictions on Canada’s housing sector, citing Canadian Economy Minister Christia Freeland as citing unprecedented declining inflation in the Canadian housing market.
Read more:
Discovery of mass graves and human rights violations in Canada
This media wrote: Christia Freeland presented the government’s plan to parliament on Thursday. Housing prices in Canada have risen by an average of 20% in the last two years. That figure was more than 20 percent for major cities such as Montreal, Toronto and Vancouver.
Economic security and the stability of the dollar in Canada have led many investors, including from Russia, China, India and Iran, to invest in major cities and buy property in recent years.
With such a ban, the government of Justin Trudeau wants to stabilize housing prices and break the market bubble that has formed.
At the same time, according to the Canadian Minister of Economy, in these two years, several housing construction projects for low-income and non-income people will be implemented in this country.
Some housing market experts believe that banning foreigners from buying housing in Canada will have little impact on the Canadian housing market in the long run, as less than 5 percent of homes in Canada are bought by non-resident foreigners.
However, this government project seems to have an impact on stabilizing housing prices in the country in the short term.