Budget includes a two-year ban on home purchases by foreigners, but many foreign buyers will be exempt, including individuals on work permits who are living in Canada
Prime Minister Justin Trudeau, defending housing measures announced in this week’s budget, says homes should not be used as tools for quick profit.
The Prime Minister said the government will be cracking down on the “financialization” of the housing market. During question period Friday, Conservative Dan Albas, the MP for Central Okanagan-Similkameen-Nicola, said the “so-called ban” on foreign buyers is not real. “Under this policy, a foreign national can still purchase a home. If they separate from their spouse, they can buy another home. If their child turns 18 and wants to buy the house across the street, they still can.”
“Our government will increase housing supply by doubling residential construction across Canada over the next 10 years. We will ensure that homes are treated as a place for families to live instead of as an investment vehicle,” said Mr. Beech.