Like Ireland, Canada has an acute affordability crisis in its major cities and the legislation aims to curb soaring prices.
This summer, the average house price in Canada was C$777,200 - or 11 times the medium wage - and Housing Minister Ahmed Hussen said it would help locals who want to put down roots in their community."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," he said.There are, however, some exemptions for individuals with strong ties to Canada but who are not citizens.The Hard Shoulder.
“Temporary residents who are studying in Canada… also people who are working in Canada, refugee claimants or foreign diplomats but it is pretty wide ranging.” Only 3.4% of residential properties in Toronto and 4.8% in Vancouver are thought to be owned by non-resident buyers but the phenomenon has long irritated Canadians who are struggling to get on the property ladder.
“The intention with this is to stop someone who doesn’t have any ties to Canada, isn’t living here, isn’t working here from buying up a lot of properties and being in competition with Canadians that are working here,” Ms Warren added.Main image: A house in Canada. Picture by: Alamy.com
Canada is much more than Toronto and Vancouver.
Canadian hedge/pension funds are bang at it buying Irish property...will they ban that?..
We could do it here too 🤔👍
Canada is also ran by an authoritarian