:strip_icc():format(jpeg)/kly-media-production/medias/2258089/original/034425600_1529826626-sdfgh.jpg "Tok, foreigners are prohibited from buying houses in Canada")
Liputan6.com, Jakarta – Canada begins to impose a home buying ban for foreign nationals. The ban aims to help relieve one of the country’s housing markets.
Launch BBC, Wednesday (4/1/2023) the ban on buying homes for foreign nationals in Canada comes into effect on January 1, 2023.
The country also provides for a fine of 10,000 Canadian dollars or approximately Rp. 114.5 million for those who break it.
In late December 2022, 11 days before the ban came into effect, the Canadian government announced several exceptions to the rule, including for international students who have been in Canada for at least five years, refugees and people with a temporary work permit.
In a statement, Canada’s federal housing minister, Ahmed Hussen, said the ban was aimed at preventing buyers from seeing homes as a commodity instead of a place to live and raise a family.
“Through this act, we are taking steps to ensure homes are owned by Canadians, for the benefit of all who live in this country,” Hussen said.
Ahead of Canada, New Zealand in 2018 passed a similar law banning overseas home purchases as the country grapples with a housing affordability crisis.
However, inflation-adjusted house prices have continued to rise since the ban was imposed.
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