Source: KSL —
OTTAWA — “I’m moving to Canada,” is a common refrain, often heard whenever Americans find themselves frustrated with U.S. politics.
But keep in mind, Canada is dealing with its own housing affordability crisis — and as The New York Times reported Thursday, it’s making it a lot harder for non-Canadians to buy property there.
As of Jan. 1, Canada is enacting a two-year ban on the purchase of residential property by most non-residents.
The Prohibition on the Purchase of Residential Property by Non-Canadians Act was quietly introduced last spring after Prime Minister Justin Trudeau’s Liberal Party of Canada blamed Canada’s housing crisis on outside investors, the Times reported.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors. This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices,” the party’s platform states. “Homes are for people, not investors.”
Anytime a Government attempts to correct an economic condition with legislation they screw markets up for years. You can get around this legislation with a proxy buyer.
not everyone knows this loophole cheating govt, is like geting in trouble with govt and criminality consequences, you nothing but an ant in their view that can be crushed.. no problem
Agree John. Also, If they did that here in the US they would scream racism.