August 19, 2022

OsoyoosToday

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Why foreigners in Canada are barred from buying a home for two years

Canada has announced that foreign investors will be barred from buying homes in the country for two years. East This is an attempt to give air to the real estate market, which is in the hottest period, industry sources said. The move by Prime Minister Justin Trudeau – includes a number of exceptions, including permanent residents and foreign students.

Meanwhile, the Minister of Finance, Christiaan Freeland, when presenting the Federal Budget for 2022, announced a series of measures aimed at satisfying speculation and demand. All of this happens in a real estate environment characterized by high property prices, which have reached record prices..

The budget includes billions for new home improvements. Also, revealed A collection of activities designed to help Canadians trying to enter the real estate marketThis includes first-time home buyers, from creating a savings account to changes in tax credit.

The government is trying to cool the overheated market after property prices soared by more than 20% in 2021. Another indicator that officials are worried about is rental rates, which have also seen a sharp increase.

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