According to her reports, the federations will make it illegal for all foreign nationals to purchase residential real estate in Canada for the next two years, including apartments, flats and detached houses. Permanent residents, foreign workers and students are said to be exempt from the measure, as are foreign nationals who buy a main residence in Canada rather than a holiday home or real estate investment. There was no cost to this measure yet. The new law would make clearer the promise of the Liberal campaign that pledged to ban foreign nationals from buying non-leisure real estate, housing in Canada for two years. It remains unclear how widespread foreign home buyers are affecting the Canadian housing market, as data remains scarce. However, repression of foreign home buyers has gained political traction at the federal and provincial levels, with the federal government introducing a one percent national tax on the value of non-Canadian, non-Canadian real estate that is considered vacant or underused. This measure entered into force at the beginning of the year. Provincially, Ontario recently announced that it is raising the tax on foreign home buyers to 20 percent from 15 percent and extending its scope to the entire province. And the Nova Scotia government introduced new taxes on non-resident home buyers in its budget last month. In addition to banning foreign home buyers, CTV News reported that federal authorities have $ 4 billion to help municipalities update their location and licensing systems to allow for the rapid construction of housing units. Ottawa also reportedly announced $ 1.5 billion in loans and financing for cooperative housing and an additional $ 1 billion for affordable housing. Expected measures extend to some of the Liberals’ commitments when a support agreement was reached with the New Democrats, especially a push to address the affordable affordability of housing and what the government describes as the “financing” of housing as prices soar. . Affordability has become a hotbed of pocketbooks throughout the pandemic, as prices skyrocketed not only in Canada’s major urban centers but also in remote communities. The average non-seasonally adjusted housing price reached a record $ 816,720 in February, up 20.6 percent from a year earlier. and the average home price in Toronto is now just $ 1.3 million.
