WHY HAS CANADA PROHIBITED NIGERIANS AND OTHER FOREIGNERS FROM PURCHASING REAL ESTATE?

Following a boom in real estate prices, the Canadian government has prohibited non-Canadians from purchasing property in the country.

The North American country approved the law after the Covid-19 pandemic began, but it went into force on January 1, 2023.

When some legislators claimed that buyers were behind the skyrocketing prices, jerking up the supply of homes as investments, Canada made this decision that will last only two years.

The desirability of Canadian homes, according to Prime Minister Justin Trudeau and his Liberal Party last year, is attracting profiteers, affluent enterprises, and international investors.

Ottawa also stated in late December that the moratorium would only apply to city houses and not to recreational properties such as summer cottages.

Trudeau proposed this temporary two-year policy during the 2021 election campaign, when rising property prices put home ownership out of reach for many Canadians.

“This is leading to a serious problem of underutilized and unoccupied housing, widespread speculation, and increasing prices,” according to the campaign website. People buy houses, not investors.”

Following their election victory in 2021, the Liberals discreetly introduced the Prohibition on Non-Canadians Purchasing Residential Property Act.

According to the Associated Press, major areas such as Vancouver and Toronto have also imposed taxes on non-residents and abandoned properties.

Ottawa also stated in late December that the moratorium would only apply to city houses and not to recreational properties such as summer cottages.

Trudeau proposed this temporary two-year policy during the 2021 election campaign, when rising property prices put home ownership out of reach for many Canadians.

“This is leading to a serious problem of underutilized and unoccupied housing, widespread speculation, and increasing prices,” according to the campaign website. People buy houses, not investors.”

Following their election victory in 2021, the Liberals discreetly introduced the Prohibition on Non-Canadians Purchasing Residential Property Act.

According to the Associated Press, major areas such as Vancouver and Toronto have also imposed taxes on non-residents and abandoned properties.