Canada PR Visa holders are exempt from the foreign buyer ban in Canada from Jan 2023

Canada PR Visa holders are exempt from the foreign buyer ban from Jan 2023

Highlights:

• Foreign nationals are temporarily prohibited from investing in homes in Canada.
• Canada permits Canadian permanent and temporary residents to buy homes.
• International Students and temporary workers are exempted too.

Abstract: Canadian permanent residents are permitted to buy houses in the country.

On June 23, 2022, Canada passed Bill C-19. The bill prohibits foreign nationals from buying homes in Canada but exempts holders of Canada PR or permanent residency Visa of Canada and temporary residents from this law. International students and temporary workers are exempted too. *Check your eligibility to Canada through Canada Immigration Points Calculator.

Reasons for the Ban

This move was brought into effect to address the issues in the real estate sector. It will make it a fair deal for the residents of Canada. Foreign investors not living in Canada would be prohibited from investing in real estate; instead, holders of Canada PR visa and other foreign nationals staying in Canada would have more opportunities to buy homes. However, the ban is temporary. Read on: Canada restarts first All-Program Express Entry Draw issuing 1,500 ITAs Steps to create an online Express Entry profile Canada extends Post-Graduation Work Permit (PGWP), expired after September 20, 2021

Increased Funding for Residential Real Estate

The ban on foreign investment in the sector of residential real estate comes as Canadian authorities propose to increase the number of homes being built with the help of territorial and provincial governments, municipal bodies, and the private and non-private sectors. It will help in reducing the cost of buying or renting a house in Canada. *Wish to migrate to Canada? Y-Axis assists you with all the procedures.

Rising Interest Rates Affecting Canadian Real Estate

According to a report by RBC Economics titled 'Canada's Housing Markets Keep On Cooling' found that Vancouver, Toronto, Ottawa, Montreal, and Calgary have been witnessing a decline in the sale of houses since June, contrary to the pandemic surge. It is due to the increased rate hike by the Bank of Canada. In Toronto, home sales decreased to 41% year-over-year in June, and in Vancouver, the rate dropped to 35% in the same period. Buyers in Canada are not committing quickly, and the sellers are eager to sell. It has led the prices of homes to drop in the past few months. Do you want to migrate to Canada? Contact Y-Axis, the leading Overseas Immigration Consultant. If you found this blog helpful, you may want to read… Canada hits a record-low of 5.1% unemployment rate and highest of 1.1 million employment rate in May 2022