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.
Source: Real Estate Daily Report (realestatedailyreport.net)
CTVKitchener Actually government should stop allowed all this big corporations to stop buying properties directly from builders in lots n then they can sell them for way higher price. Younger generation can never afford to go in bidding wars
2.5B, back of envelop, is 10,000 units. One time funding is a charade. Do this every year until things ease off.
cafreeland These are great actions but this wont help Canadians immediately. Hoping a GLBI is in tomorrow’s Budegt to eliminate poverty and grow the economy. BasicIncome
If it wasn't for the banks manipulating interest rates and the govt spending and printing housing would have never been an issue. When you don't have a gold standard money is backed up by nothing and govt's just print and make promises that we can't afford. Brain dead.
The bottom line is, you cannot solve affordability without genuinely affordable homes. That means we need to address the chronic shortage. This shortage is at the heart of the affordability crisis and foreign buyers are a drop in the bucket.
Because JT and his cronies already sold off half the country
There’s never been a government housing project that wasn’t riddle with fraud, poor building quality and extra costs. I’ve got a loonie says not one single unit is ever completed. It’s so obvious.
Freaking Yay!!!!!! Maybe the market will come down and stabilize enough for an average Canadian to buy a home.
In order to make Canada a truly great country the budget needs to include: Universal healthcare (mental, dental, vision) UBI Housing as a right Massive investments in green energy Free postsecondary Fair taxation for billion dollar corporations & the extremely wealthy.
It might peeve off some of the high rollers but if Canada is your first choice for a nation like mine then it is the right choice. Lets roll around in our beautiful nations wealth and resources not starve half our nation.
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