Foreign buyers banned from purchasing Canadian homes for 2 years
The ban aims to ameliorate challenges in housing affordability.
The Canada Mortgage and Housing Corporation has announced a ban on foreign homebuyers as a new regulation, with the decision coming into effect on January 1.
Foreign commercial enterprises and people will be prohibited from buying residential properties in Canada for a period of 2 years.
Passed by the parliament on June 23, the ban aims to ameliorate challenges in housing affordability.
However, there are some exceptions to the ban: Those with temporary work permits, refugee claimants, and international students.
Non-Canadians breaking the regulation will be fined up to $10,000, and may be ordered to sell the estate.
Housing Minister Ahmed Hussen said that housing shouldn't be a "commodity," and that Ottawa will ensure that Canadians will own homes.