Breaking: Federal budget to include ban on foreign home buyers, billions for housing
Housing affordability is going to be a main feature of tomorrow’s federal budget, CTV News has learned, including moving to make it illegal for any foreigners to buy any residential properties in Canada for the next two years.
The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers, and students will be excluded from this new measure. Foreigners who are purchasing their primary residence here in Canada will be exempt.The policy change will be legislated, giving the government powers to prescribe penalties and potential judicial powers to address instances of non-compliance, according to a government source.
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