Sources said the Liberals will make it illegal for foreigners to buy residential properties in Canada for the next two years. The properties include condos, apartments and single residential units.
“The people that will be banned are those that buy the home and never come to Canada to live in it and leave the home empty while the inventory is low and people can’t buy homes,” said CTV News’ Ottawa Bureau Chief Joyce Napier. Other measures to be introduced in Thursday’s budget include $4 billion to help municipalities update their zoning and permit systems to make way for faster construction of residential properties, $1.5 billion in loans and funding for co-op housing and $1 billion for construction of affordable housing units.
Also tax them when they sell if they are not Canadian citizens
See this picture go to 1960- 1970 see what it looked like then
Actually. That’s a good thing
Good
Don't worry, even Canadian investors are leaving 🇨🇦 in droves!
They need to remove ALL exemptions
That is a good move. We have people that need our houses and we should always come first. Thank you.
If you don’t live here, you shouldn’t be able to buy property here.
One thing I have understood about Canadian system is that people will always find ways to go around the rules. And the most funny part is that government knows these loopholes but don't do anything about it, as if they want people to play around. So this will happen again
Just put capital gains tax of 50% on any house sold. I mean no exception to this law.
I'd be the last person to champion more government restrictions but I'd say AirBnB and other short term rental vessels area a huge problem as well.
Ask any developer how much $ psf to build a house. It's gone way up not only by demand, but also because of the actual cost to build. Labor, materials, fees, permits, taxes. All have skyrocketed. (and if you think they are just profiting more, try building a house & you'll see)
The up side of allowing foreigners to buy properties is they bring a lots money into this country!
Make that permanent Canadian homes belong to Canadians
This is a bad idea. very bad. It will only invite reciprocal action from other countries.
Foreign ownership is fine, and too easy to hide. Speculators pricing tax paying residents out of the housing market is terrible. Add a 1% property tax. Lifetime total income taxes paid by the owner are deductible, inflation adjusted. Call it the untaxed property owner tax.
merry123459 👏
Dumb people deserve dumb government. Instead of building 1,000,000 houses and meet the demand, the government trying to fck around with the market. 🤦♂️🤦♂️🤦♂️
It's about time!!!!!!!!!!
Should increase mortgage rate on second property to discourage investors and profiteers.
The leaderof our country is selling us out. Get him out of office now!
House prices will now drop
Change two to twenty and we’re in business
20 years too late. and why when the conservatives brought this up were they told to stuff it? but now it's a good idea?
Why Two Years? What is the significance of Two Years.
Yeah but are pricing going down? 900,000 to 800,000 is still ridiculous lol
Hey any foreigners out there. I will be happy to buy for you. This will be done to prevent this crazy ban TrudeauDictatorshipMustGo
Screw buying properties what about renters? The people on ODSP are struggling to pay bills as rent is sky rocket high. It's almost to the point where people have to live with other family members just to survive.
Hmmm…won’t they just open a Canadian company and buy it in their company name?
Better late than never.
People need to be taught basic economics and finance lmao
Way overdue.
Why can't the government incentivize builders to build 'rent to own' housing for first time home owners. We need a solution to get people in the market.
It’s about time!!! They are a major driving force behind the raise in prices.
That is no problem. Problem is people taking out equity and buying more than one properties. Can we stop that madness please
Too little too late
Sounds like bigotry,... oh it's a Liberal program, it's okay then.
This should be the law. If you are not resident why are you buying Canadian properties? I live in the downtown core and there are rarely Canadian owners here, all foreign investors that drive the price of a small condo super high.
And tax the crap out of those that are currently owned by foreigners. Add a vacancy tax and boom more supply. Plus add corporations owned by foreigners or nothing stops one from incorporating a holding company and continue purchasing homes.
Should have been done 20 years ago
This will be easy to police..... not
That is not really the problem. One real problem is that far too many building products are manufactured outside of Cda and those cost increases have outpaced the economic wealth of Cdns because we have to many low paying svc jobs and too high taxes. Rethink this critically!
Bidding wars on rentals are even happening. Applied for a place for $2200 and tried to counter back at $2400, this is not a purchase a rental. So try again, I’m not living beyond my means because some home owner clearly over purchased on their property, but punish the tenants.
Two years is nothing they are already turned around trying to rent out the properties driving everyone outside the city and beyond the GTA. A full time job and references are not enough they want perfect credit to rent now and give your left kidney just to secure a place now.
Real Estate investment trusts are the problem. Domestic corporations who currently own 30% of all homes to rent out at the highest possible rates. Then get a blind eye as all our pension funds invest back into them. BAN REITs!
It is a crazy concept that we have a housing crisis in a country whose avg population density is 4 people/sq.km
5 years
How about u look into lowering the cost of renting and purchasing a house…or even property tax… the government robs the shit out of us …all those taxes collected and the roads are still terrible…driving through Scarborough and Toronto is Treacherous …
The problem is investment buyers and blind bidders.
The problem is investment buyers not foreign buyers.
Shill buyers activate
I don't see how they are possibly going to enforce this, with all the valid exceptions. This whole thing seems like a massive waste of money that isn't going to help the housing market whatsoever.
'$4 billion to help municipalities update their zoning and permit systems to make way for faster construction of residential properties' Sounds like a $4B black hole to me.
No it's to prevent foreign investors buying up property they have no intention to live it making housing prices go up. These right wing nut jobs.ever single good thing he TRUDEAU has done they whine about.
Everyone is leaving.....the old ppl can't afford it here anymore...the young ppl need some time before they accept their fate..the ppl in the middle see the living situation as untenable moving forward, working like slaves. We see our parents & what they got out of loving Canada
Foreign buyers ain’t why our homes are so unaffordable🧐
Additionally, where does the buck stop? What else needs to be addressed to create more accountability in the real estate market? The real estate associations were complicit in saturating the market with foreign buyers and publicly stated their numbers don't represent this issue.
Why the next 2 years? Why not close that market entirely? If you can see that it's a legitimate issue, which is the impetus for shutting it down for 2 years, then why not shut it down entirely? Do you want to help Canadians, or do you not want to help Canadians?
The federal government should reinforce heavy taxes om foreign buyers
The semi detach home im renting (if the landlord wants to sell) would go for at least 1.2mill... how can anyone in their 30s with a stable job afford it It might slow down new construction sales but the market is crazy damageisdone
10 years too late
Translation: 'Now that the horses have left the barn, we'd like to make a big public show out of closing the barn door.' The current state of unaffordable housing won't be reversed by any such measure. It's public relations, not a serious solution.
Good start, now how about banning cooperations from buying single family homes?
Like 5-10 years too late for that
Toronto and the GTA belongs to them since 2015
& they will solve NOTHING AT ALL! Supply & demand ppl supply & demand!
Other Countries demand that you are a citizen of that country and has lived in it for more than 10yrs before purchasing a home. Meanwhile in Canada it's Easter egg hunting season.
Better late than never I guess
Only Canadian citizens should be allowed to buy a house in Canada. Not even PR, student, work permit
So that means anyone who isn't native American, right? LOL
Nobody wants to live there anyways..your prime ministers needs to be voted out
Good. It’s about time.
This is the one part the Federal Government can do above the regulatory changes they already made. Most of the much needed regulation happens at the Provincial/Municipal levels like stopping the increase in residential property barons & turning single family dwellings into units
Why.
What about Canadian incorporated companies that have unclear ownership? Those owned by networks of untraceable offshore trusts and subsidiaries? This is a bigger problem than individual foreign ownership.
FINALLY! ONLY CANADIAN CITIZEN'S should be allowed to buy property in Canada... PERIOD... And should be now and forever! A little too late but let's see what this does...
👏🏽👏🏽👏🏽👏🏽
Good nees
Wasn't that the exact Conservative proposal?
So now they’ll buy through their local connections as a workaround.
When d damage has already been done
Should include students. 3 bed duplex brand new 1 student in my area with housing problem. Other side owned by offshore, left looking junky, criminals at one point in illegal air b&b theredrugs. /1
merry123459 that should pop a few housing bubbles.
setting my expectations to absolute zero because this is most likely not going to do anything at all.
Why only two years? Ehat about number companies?
People saying foreigners buying properties are the problem as it forces prices up vs big companies buying a hell lot of residences and then charge exorbitant rents is giving vibes of this meme
What if other countries do the same to canadians? ..and there are so many loopholes in that. It does nothing but political posturing.
Except ‘recreational properties’ i.e. cottages, and international students studying here aren’t listed under the ban. You know, those international students who can still somehow afford $600,000 condos. Trudeau being very careful not to bite the hand that feeds him. China
Is it so Banks, Hedge fund companies (Blackrock, Vanguard) can buy up the homes 5-20k over asking at rates cheaper than anyone else? They estimate recouping in 8yrs buy rising rent prices?
That's good, but damage is done.
trev13crys Fabulous!!
Fucking finally
2 years?
Good. So Canadians can have a chance at them.
Stop calling people To Canada. You are getting 100k voters for yours every month. TrudeauworstPMever
Should only allow two properties for one family maximum.
TrudeauCorruption TrudeauworstPMever Trudeaucorruption
marwahrizqy Trudeau a approuvé BayduNord …le plq dit quelque chose?
Trudumb... Can't wait until he's ousted. Most hated man in the world, and yes, more than poutine... He's a waste of the air we breathe
TrudeauMustResign
'The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers, and students will be excluded from this new measure.' NO TEETH.
Ban China from buying land here. Farm land especially! No one bud Canadians should own farm land.
So we’re taking on 500k immigrants per year and making it illegal for them to buy homes? 🤔
won't help.
Any idea when Doug will deliver his (now week late) budget? Or is it too spicy this close to the election? Why are we all (collective) letting *that* slide? ONpoli
There are loopholes… not sure all those loopholes ca be shut down
My daughter has lived in Whistler the last 2 yrs and some homes see has never seen anyone in …. Who the f buys these then doesn’t live in them ?🤦♀️🤦♀️🤦♀️
What people don’t realize is foreign buyers only make up a small fraction of home purchases. Government know this as well. Everyone loves to blame foreign money but in reality this is just a gimmick from the gov as they know most people are idiots.
I don’t believe it’s a housing “crisis”, I believe this is the new normal. In most major global cities housing is unaffordable, people in places like New York, Paris, Tokyo, etc. have to rent. I don’t think it’s something that can be “fixed”.
merry123459 how about making it illegal for corporations/numbered businesses to buy residential properties?
Flood the market with new homes have government subsidize cost and just put out millions of new homes at lower costs the seller would need to sell at a much lower cost
How about we get rid of blindbidding and increase taxes on Canadian investors who own multiple properties? I know several people buying rental properties who are Canadian. I don’t think this will solve our housing crisis. joe_cressy JohnTory
merry123459 Good
Thank The Lord And Jesus In Heaven Now Maybe The Market Of Housing Will Be Able To Keep Up With Leaving Some Where Affordable For Poor People And Disabled People To Live, Plus Empty Houses Will Shovel The Snow Off The Sidewalks With People Actually Living In Them Now.
Foreign ownership isn’t the problem, ABSENTEE ownership is the problem.
What about foreign owned hedge funds like those controlled by Black Rock?
What a stupid move to stop foreign investors
Anything short of forever is too short.
Actually. That’s a good thing
Why only for 2 years, why not until further notice?
Next: investment firms or their representatives. This is the real issue.
How does the government proof the foreigners buy anything as their 'primary' residence? are they going to actually track the days those people living here? How?
I hope they find ways to close loop holes where rich foreign investors might find relatives who live here to buy the house for them under the table. Like there has to be checks on where the cash comes from! It's definitely frustrating to see houses bought up and no one moving in.
He first voted that idea down. Foreigners can work around it. Canadian real estate prices are up over 100% of the value when Trudeau first became PM. Opening a ton of federal land to private builders is what Canada needs. OREA suggested it, & it has been largely ignored. Canada
Only works if they track money. A Canadian funded by offshore money is gonna happen
2 years? Make it a ban for eternity! Why should foreigners be able to buy properity in Canada? notfair
But not foreign students. And only two years?
Too little too late. We were pushed out of our home of 10 years in Muskoka when the landlord saw dollar signs and decided to sell. Foreign buyers scooping up houses in Toronto for way above asking ignited the mad rush to sell here. People lost affordable rental homes to this.
This is what authoritarian regimes do. Close their doors to foreign capital.
It's about frigging time.
How about permanently.
Ottawa should make it five years. Canadians can’t even afford to but property because foreign buyers inflate the prices. Many buyers abroad use it for money laundering.
About time... 2 years is not enough but just enough for time for the market to correct so that they can buy more for cheap. Before you know it, prices are right back to where they are today.
GOOD!!!
Open eyes after overvalued prices.
The elephant in the room. Prices are sky rocketing because of blind bidding!
Back door deals
Why only two years
Any government should take away this comunist taxation of us canadians!! Take one tax, not 3!! Income tax, or tax on what we buy, NOT both! Let us keep some of the $ we earn, will stop poverty in its tracks
And the conservatives still won't be happy.
Wow. This is worse than we thought
Good
YES!!
I wonder what homeowners think about said policy
FINALLY… something good! Guess the CHINESE have cut off the kick-backs to JustinTrudeau and his limp-wristed side-kicks…
Can someone explain why any country allows foreign ownership of residences? It forces up prices. This should be a permanent change.
Foreign buyers were not buying the last to years and our market keeps going up - it’s all domestic and immigrant money.
Not long enough should be at least 5 years backets...
And then what? They should only be able to buy 1 property and it has to be fir personal use only, not just for 2 years but forever
And push the deficit to over 60billion. Excellent plan.
I hate seeing a government named after a PM. Stephen Harper did this. Felt dictatorial & has carried on ever since. Please cdnmedia stop referring to it this way. I prefer what it really is, the Government of Canada. Do the same with provinces, thank you.
Students excepted ...so those rich mainlanders can still continue to buy
Ban the GTA from buying outside the GTA unless they plan it to be their primary resident.
Thwy just give the money to people already living here. Buddy from Dubai just sent over 2 million for his friend to buy real estate.
They should also should ban Chinese people from China from buying houses in Canada
I remember when I was a student buying $30M houses while claiming no income. Oh, how easy life was back then. Sigh.
Only 2yrs… 🙄🧐
Now do Corporations that buy up housing units so that they can raise the rents to usurious extremes…
Good. And make all purchases transparent as to the ownership.
Good👏👏👏👏👏
It’s not just foreigners. Wha about that guy on 60 Minutes that owns 30 THOUSAND properties?!? Tax these +}95) please. The greed will be our undoing.
How about the next forever?
Because all his buddies already got theirs..
this is so correct
They Should do something to keep corporations from buying property and raising the cost of rent and living.
So, giving away citizenship? Or is this so Liberal donors can buy up property? Or will this drive $$$ out of Canada, cause that's already happening. It won't benefit you or I. Don't trust the government. Geez.
Ya but he’ll give them billions in tax dollars to not buy our property
…🧐
Too little too late........that foreigner boat sailed a long time ago
About time...can you buy back allllll the apts, houses buildings they bought already
Does that mean Americans can buy homes here? And would America retaliate and not allow Canadians to buy homes in their country?
So Americans can't take over cottage country now 🙄
Good
Can I hang out my shingle. Canadian here. Will buy on your behalf for minimal price. Payment up front. I define minimal.
In other news, the Trudeau government will begin to expedite all citizenship applications in record time!
Time to create a CCPC and take foreign investments to purchase Canadian property. I’m gonna be rich
Any jail time for those found buying homes in Canada?
They need to ban people from buying property until I get my third house.
Good
THANK YOU!!!!!!!
What kind of bs is this?
blahman24
🤦🏿♂️
Lmao… cuz theh can’t buy it under Jack Brown’s name?
'Permanent residents, foreign workers and students will be excluded from the measure, as well as foreigners buying their primary residence in Canada.'... It essentially bans no one... Another feel good measure from this gov
Too little too late. He should have done that 3 years ago.
Really? You don’t think they will just broker it?
What if we flipped that and said you need to be a Canadian resident for at least 5 years toooo purchase. Then you support those who are invested in living here.
Needs to be way longer than 2 years 🤦♂️
It'd be better to increase the mortgage rates to prevent people from over leveraging themselves.
Not enough, a weak, token gesture.
Also ban those numbered companies that are most likely buying hundreds if not thousands of the available home inventory in Canada
There is way more to it than foreigners buying housing. There are investors/speculators who are Canadian, as well as Air BNB. There are also barricades of red tape to building affordable housing. Rent control needs to be put back into place. It isn't just one issue JustinTrudeau
Meanwhile the avoid the issue of taxing the rich, big business and the real issue of affordable housing.
Fantastic. Now municipalities need to step up. Airbnb only on primary residence. Ban all others. A vacant property tax.
Only for two? It should be for forever.
Isn't that racist? LOL
2 year ban on foreign buyers is basically a bandaid against the hemorrhaging loss of affordable places to have a good night's sleep in. They need to actually enforce the laws already in place. The family of war criminal Gaddafi still has an empty penthouse in CityPlace..
200000 years preferably. If you don't have a full time reason to be in canada, you don't need to own property.
That’s hard to criticize.
That literally won't affect the price of real estate, do you think people will magically go 'oh, better drop the price 500k!'
This government is super dumb. Getting involved, they will always make things worse, never better.
So open up a business and have the business buy the house? Or use someone that lives in Canada
Good!!!!!
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