The Canadian government has implemented a temporary ban on foreigners buying residential property for two years.
The Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect Jan. 1, as Ottawa attempts to ease a housing shortage among Canadian citizens.
The ban was approved by the Canadian Parliament on June 23, to make homes more affordable for local residents, after non-resident foreign investors bought properties across the country, raising prices.
“The Act defines residential property as buildings with 3 homes or less, as well as parts of buildings like a semi-detached house or a condominium unit. The law does not prohibit the purchase of larger buildings with multiple units,” according to the Canadian government in a press release….