The Canadian Mortgage and Housing Corporation previously announced the regulations for the ban, which come into effect on Jan. 1.
The ban passed in Parliament on June 23, with the hopes of addressing housing affordability challenges in the country. Non-residents found violating the ban, and anyone who knowingly helps them, can be fined up to $10,000 and may ordered to sell the property.International students who meet certain criteria, including having spent the majority of the previous five years in Canada. These students would be able to purchase property for no more than $500,000
Workers who worked and filed tax returns in Canada for at least three out of the four years prior to purchasing propertyForeign nationals with temporary resident status, including those fleeing conflict and refugeesHousing Minister Ahmed Hussen said in a news release that housing should not be a"commodity" and that the ban will make sure homes are owned by Canadians.
Fake news. Too many loop holes that will be used. Plus it's only a fine if you get caught. This is a nothing burger.
Lol it’s just for show. there’s so many loopholes, it’s insane.
All for vibes and headlines…it’s actually very lax, temporary and full of loopholes
The regulators and government seem slow in taking steps in avoiding rapid increase of house prices. Should have started 11 to 12 years ago
True Individuals should be banned owning more than one property for a period of time until house prices are stable
No they aren't
It’s only for two years and this list of exceptions basically stops like 3 guys from purchasing. I’ve seen some pointless laws, but… 🤦♂️
A lot of people from overseas send their kids to school in Canada and simultaneously buy several properties under their kids names. This may be too little too late, it should have been done 6 years ago. The train has gone for most Canadians. Housing is unaffordable. canada
There's a lot of people in Toronto with lots of money and it's not going to change the fact that housing prices will continue to be where they are. If you thought prices were going to be more elastic with the changes in the interest rate you would be wrong. Nothing's changed.
25 years too late. Thanks boomers
But fordnation allows some developer from China to purchase land in the greenbelt
this does absolutely nothing as the core issue is people treating houses like a speculative market. ban landlords and make housing a right
Meanwhile Toronto still charging double land tax
That's half of Toronto
This should have happened years ago. Decades.
Unfortunately it will not help. They will find a way around the system.
I have 7 investment properties. I am the problem. Not foreign investors.
Sounds a lot like the gun ban…🙄
But a foreign exchange student can or if your on a work permit. Like we’re stupid NOT. Cause mommy and daddy can buy the house for them. Like Truliar is ever going to stop foreigners from bringing there money into Canada to buy up our real state. What a joke.,
You are 15 years too late. These Chinese infiltrated.
Good
Start a numbered corp or get a proxy. It’s a joke.
By February everyone will be buying a new house, those foreign buyers were so bad!!
And previous non residents are to sell their properties within 12 months too right?
International students will buy homes with their parents money. Win Win for the parents.
Short sighted move by the Trudeau government, pandering to the masses
A joke since colleges are bringing in 1000’s of international students every year because they can charge them crazy amounts to attend. These same students live 8 to a house that the landlord charges 2800 a mth for which normal renters can’t afford. Now those students buy land
Immigrants ≠ Foriegn Buyers. We have record immigrants coming into Canada. These are new permanent residents who are buying to establish roots in new country while interest rates were low.
Let see how magically no new homes get built and the demand drops for the next few years until the ban is lifted.
Too little too late. Not gonna solve any problems.
✨♥️👏👏👏👏👏
yes,it may give blogto folks to buy - and take a big step to save for their future...
Ummm this law would've made sense in 2005. Their children are the ones making the purchases genius.
Corporations hold houses
a little late but a step in the right direction
Foreign buyers (ones that aren’t citizens or PR) are an almost negligible % of buyers causing the issue. Want to see change? Start banning corporations from owning residential property or individuals owning more than 1 residential property
What a lazy, useless policy
It’s not the foreign buyers alone that’s driving the cost of housing. It’s the short term flipping.
About 40 years too late ...
Hopefully it actually does something and isn’t full of loopholes