“This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.” Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Despite a recent heyday, the country’s real estate market has cooled for sellers as mortgage rates followed the Bank of Canada’s aggressive monetary policy in a bid to rein in inflation.
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Canada bans most foreigners from buying homesOTTAWA: A ban on foreigners buying residential property in Canada took effect on Sunday (Jan 1), aiming to make more homes available to locals facing a housing crunch. Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes. In la The foreigners were from China i guessed Singapore needs similar measures to designate zones to protect HDB upgraders to maintain affordability Speculative precincts for wealthy residents and foreigners, with gazetted non speculative zones that offer the first rung on the ladder for upgraders
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