Under the new law, non-Canadian citizens will not be able to buy a home for the next two years. The Canadian government has issued new guidelines for buying a home. Foreign investors have been banned from buying houses in the country. As a result, no Bangladeshi citizen can buy a house in the country. However, non-Canadian citizens cannot purchase a home.
However, this law has come into effect from January 1. This information was given in a report of the American media CNN.
The report also says that house prices in Canada have increased since the start of the Corona epidemic. Some of the country’s politicians believe that foreign investment in the home buying sector has caused the prices to rise.
In addition, Prime Minister Justin Trudeau’s party’s campaign website last year said the desire for Canadian homes is attracting profiteers, wealthy corporations and foreign investors. As a result, house prices have skyrocketed. But it cannot be called an investment. Because they are becoming people’s homes.
The Real Estate Association of Canada did not take well to the Home Purchase Ban Act. They say Canada is a country of many races and cultures. Nations of different countries of the world are invited to this country. But the promulgation of the new home purchase law will face several problems. That is why they demanded the cancellation of this law.
According to the Canadian Real Estate Association, home prices fell in 2022 compared to 2020 and 2021. In February last year, this price was 8 million Canadian dollars. Which is currently down another 13 percent.
However, home prices have increased as the Bank of Canada has raised interest rates. It is said that this rate is much higher than the United States and other countries.