Canada to ban foreigners from buying homes as prices soar

| Canada will ban most foreigners from buying homes for two years and provide billions of dollars to spur construction activity in an attempt to cool off a surging real-estate market.

Housing affordability advocates say the one key reason for the price surge is a simple lack of homes.The move signals that Prime Minister Justin Trudeau is becoming more assertive about taming one of the developed world’s most expensive housing markets -- and that the government is growing more concerned about the political backlash to inflation and the rising cost of housing.

The foreign-buyer ban won’t apply to students, foreign workers or foreign citizens who are permanent residents of Canada, the person said.“I don’t think prices are going to fall as a result, though I do think it takes away at least some of the competition in what is the most competitive market in Canadian housing history,” Simeon Papailias, founder of real estate investment firm REC Canada. “I don’t think a two-year band-aid is going to have an impact on what’s a fundamental lack of supply.

Yet the government plans other measures that could potentially boost demand, ostensibly to help new home buyers. Freeland will introduce legislation that allows Canadians under the age of 40 to save as much as $C40,000 for a home downpayment within a new tax-exempt vehicle, the person said.During last year’s election campaign, Trudeau’s party also proposed a ban on “blind bidding” for houses -- the prevailing system by which offers are kept secret when someone is auctioning a home.

Source: Financial Digest (financialdigest.net)

Canada acting in its sovereign interest. Something corrupt puppet LibNat LabGreen will never do as their strings are owned by population property ponzi parasites. Kick them all out. Let’s build a sovereign productive sustainable economy with real jobs

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