Canada bans foreign home buyers for two years to control real estate prices

Canada bans foreign home buyers for two years to control real estate prices (1)

In a proposal to calm down the chaotic housing market, the Prime Minister of Canada, Justin Trudeau, declared to ban the foreign investors from buying homes in Canada for two years.

Multiple measures were taken by Chrystia Freeland, the Finance Minister of Canada, to shut down the demand and speculation amidst the record home prices in declaring the budget decided by the government for the year.

The government of Canada declared a ban on increased taxes for people who decide to sell their house within a year and on foreign home buying for two years, even though both these measures come with several exceptions that include international students and permanent residents.

This budget involves measures taken to support Canadians who are willing to join the market and a budget of billions for new housing. This includes changes in the tax credit for the people buying their homes for the first time.

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There is an immense amount of pressure that the government is under to calm down the high-heated market as the prices and rental rates were increased by 20% last year.

In response to Russia’s invasion, the federal Liberal government is ready to provide $500 million Canadian (USD 397 million) in subsidiary military aid to Ukraine and extra financial and humanitarian support to Kyiv.

Canada reciprocated the continuous pressure from the NATO military alliance and the others by assuring more than $8 billion Canadian (USD 7.2 billion) in the military expenses for the coming five years.

Canada will continue to be considerably lower than NATO’s 2 percent investment of GDP target, although the rest of the allies drastically incline their military investments by Russia’s invasion of Ukraine.

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