The 2 year foreign buyer ban has started in Canada as of January 1st and in this video we are going to talk about why this is a very controversial topic and why it mostly likely will not have the affect that the government of Canada has promised Canadian buyers.
The Government of Canada is banning any foreign buyer in its efforts to make housing more accessible for Canadians. That sounds great and it even makes for a better news article headline, but is it just that a nice headline?
If you continue reading into the ban you will notice there are many
exceptions and in this video I will just name a few:
1. Those in Canada with temporary work permits are still allowed to buy residential properties
2. Refugee claimants and international students are also allowed to continue buying property.
3. The ban does not apply to those who are Canadian citizens or permanent residents, nor does it apply to non-Canadians who are looking to rent a residential property in Canada.
4. Does not apply to Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident or refugee.
5. Also does not apply to homes with 4 units or more.
It is extremely safe to assume that this will not do much for getting more Canadians into more affordable housing.
