The Trudeau government is set to deliver a budget Thursday that would make it illegal for foreigners to buy residential properties in Canada for the next two years, CTV News has learned.
Sources said the Liberals will make it illegal for foreigners to buy residential properties in Canada for the next two years. The properties include condos, apartments and single residential units.
“The people that will be banned are those that buy the home and never come to Canada to live in it and leave the home empty while the inventory is low and people can’t buy homes,” said CTV News’ Ottawa Bureau Chief Joyce Napier. Other measures to be introduced in Thursday’s budget include $4 billion to help municipalities update their zoning and permit systems to make way for faster construction of residential properties, $1.5 billion in loans and funding for co-op housing and $1 billion for construction of affordable housing units.
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