Industry News

Canada bans foreign home buyers for two years to cool market

Photo by Matt Wang on Unsplash

Associated Press

Prime Minister Justin Trudeau’s government announced Thursday it will ban foreign investors from buying homes in Canada for two years in a bid to cool off a hot housing market.

Finance Minister Chrystia Freeland took a number of measures to tamp down speculation and demand amid record home prices in announcing the federal budget for the year.

The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year, though both measures include multiple exceptions including for permanent residents and foreign students.

Read the story: Canada bans foreign home buyers for two years to cool market

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