Canada has banned foreigners from buying residential properties in the country amid spike in home prices since the Covid pandemic started.
The law putting the rule into effect was passed by the Canadian government. This temporary two-year measure was proposed by Canadian prime minister Justin Trudeau during his election campaign in 2021 to tackle soaring real estate prices.
Amid a housing crunch, the ban does not allow immigrants to buy property in Canada.
The move is aimed at making more homes available to Canadian locals. Refugees and permanent residents have been allowed to purchase land as exceptions to the ban.
Image courtesy of thesatimes
