Montreal, Canada – Canada has barred most non-citizens and foreign-owned companies from buying homes across the country, but experts question whether the ban alone will be able to fulfil Ottawa’s goal of bringing down Canadian housing prices.
The new housing law, which went into effect on January 1, prohibits “the purchase of residential property by non-Canadians” for a two-year period.
The measure includes exemptions for permanent residents and refugees, among others. But home-buyers who violate the law can face thousands of dollars in fines, as part of the government’s efforts to “curb unproductive foreign ownership”.
“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,” Ahmed Hussen, Canada’s minister of housing and diversity and inclusion, said in a statement last month.
Canadian legislators passed the prohibition in June of last year, in response to soaring housing