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Foreigners banned from buying homes in Canada

January 4th, 2023 | Tags:
As of 1 January, the ban prohibits people who are not Canadian citizens or permanent residents from buying residential properties, and imposes a C$10,000 fine on those who breach it. Photo: Getty Images
BBC NEWS

A two-year ban on some foreigners buying homes in Canada has come into effect.

The ban aims to help ease one of the most unaffordable housing markets in the world.

As of this summer, the average home price in Canada is C$777,200 ($568,000; £473,700) - more than 11 times the median household income after taxes.

Some have been critical of the ban, saying it is unclear what impact it will have on Canada's housing market.

Non-Canadian residents make up less than 6% of homeowners in Ontario and British Columbia, where national statistics indicate home prices are the highest.

As of 1 January, the ban prohibits people who are not Canadian citizens or permanent residents from buying residential properties, and imposes a C$10,000 fine on those who breach it.

In late December - 11 days before the ban came into effect - the Canadian government announced some exemptions to the regulation, including for international students who have been in the country for at least five years, refugee claimants and people with temporary work permits.

In a statement, federal housing minister Ahmed Hussen said the ban is meant to discourage buyers from looking at homes as commodities instead of a place to live and grow a family.

"Through this legislation, we're taking action to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country," Mr Hussen said.

3 Responses to “Foreigners banned from buying homes in Canada”

  • The Slip Hammer (04/01/2023, 12:52) Like (1) Dislike (7) Reply
    This is a silly discriminatory move by Canada.
    • Arrion (09/01/2023, 08:42) Like (1) Dislike (0) Reply
      @ The Slip Hammer. This is NOT discrimination. Canada is trying to protect their people and prevent what is happening in the United States with gentrification, forcing out the poor by raising rents so high that they can't afford to live there anymore having to move out, making way for much higher-income workers to move into the same buildings. If this isn't stopped immediately, Canada will have a lot of its own people homeless and applying for Welfare. An example of this destructive gentrification is in Manhattan and Brooklyn New York. Even though New York does clean up the areas, the process of elimination and greed continues at a rapid rate.
  • We... (06/01/2023, 09:58) Like (5) Dislike (0) Reply
    We need to do it here also as these buyers are just flipping property, so prices are skyrocketing!


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