Canada Proposes A Restriction On Foreign Buyers Purchasing Real Estate In The Country
Justin Trudeau has committed to reduce the country's skyrocketing housing costs. Justin Trudeau, Canada's prime minister, has proposed a two-year restriction on some foreigners buying properties. The move comes as the country grapples with some of the world's most severe home affordability problems. Prices have risen by more than 20%, bringing the average Canadian home to about C$817,000 ($650,000; £495,000) - roughly nine times the average household income. However, industry experts say it's unclear whether a prohibition on foreign purchasers will solve the problem. Although data on overseas purchases in Canada is sparse, research suggests that they make up a modest portion of the market. "I don't believe it will have a significant impact," said Ben Myers, president of Toronto-based consultancy firm Bullpenn Research & Consulting, who determined that foreigners accounted for just 1% of purchases in 2020, down from 9% in 2015 and 2016. "It's a