With an aim to make more homes available and affordable for its own citizens, the Canadian government has decided to ban immigrants from buying property in the country for two years. This move is expected to lead to reduced demand among non-Canadian resident Indians, real estate experts feel.
The order states that the ban comes into effect from January 1, 2023 and as an exception, refugees and permanent residents have been permitted to purchase land. Also, the ban would apply only to city dwellings and not to recreational properties.
Canadian Prime Minister Justin Trudeau had proposed the measure during his 2021 election campaign to combat rising real estate prices. "The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors," the Liberal Party had said then.
The Canadian Real Estate Association (CREA) said in a statement, “Canada has built a reputation as a multicultural nation that welcomes people from around the world. As currently proposed, the prohibition on the purchase of residential property by non-Canadians can impact our reputation as a welcoming nation.”