To Solve Housing Crises...
On Sunday, Canada had ban on foreigners from buying residential property there. It aims to make more homes available for locals facing a housing crunch. In the act several exceptions are allowed individuals such as refugees and permanent residents who are not citizens to buy homes.
In December, Ottawa has also clarified that the ban would only apply to city dwellings and not to recreational properties such as summer cottages.
In 2021 election, the temporary two-year measure was proposed by Prime Minister Justin Trudeau, during the campaign when soaring prices put home ownership beyond the reach of many citizens.
Liberal party said in its election plank, “The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors.”
“This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”
In a report the Canada mortgage and housing corporation – the national housing agency – said in June that almost 19 million housing units will be needed by 2030.
Which means 5.8 million new homes must be built, or 3.5 million more than are currently anticipated to be built to meet that demand, it said.
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