Canada announces measures to ban foreigners from buying homes for two years
Following the record rise in home prices in Canada, the Government of Canada has announced measures to ban foreigners from buying homes in order to curb speculation and improve prices. The government explains, 'A policy to make housing more affordable, especially for young people.'
Helping young people get into the housing market | Prime Minister of Canada
Canada bans foreign home buyers for two years to cool market | AP News
https://apnews.com/article/business-chrystia-freeland-justin-trudeau-ontario-canada-999eedee72d9fd63e73576efd2bb3535
Average Canadian house price hits $ 816,720 — up 20% in past year | CBC News
https://www.cbc.ca/news/business/crea-housing-february-1.6385274
The Government of Canada announced several measures for home purchases when it announced its 2022 budget. Incentives to double tax credits and reduce monthly payments for first-time homebuyers with the aim of improving home prices and getting more young people into the home market, up to $ 40,000 ( We proposed the introduction of tax-exempt housing savings accounts up to about 5.2 million yen).
In addition, in order to equalize competition in the housing market, foreigners will be banned from buying homes for two years, and a tax increase on home sales will be implemented for one year. However, permanent residents and international students in Japan are not eligible. It will also tax the transfer and sale of new and heavily refurbished homes, the government will work with states and territories to create a home buyer's rights code, and sellers will compete with home buyers. It is also planned to submit a national plan to end the ' blind bid ' that does not disclose the details of.
Home prices are rising at a record high in Canada, with average home prices rising 20% year-on-year to $ 816,720 as of March 2022. This figure has a high weight to the price of luxury homes in urban areas, and it is said that the average price will drop by more than 170,000 dollars (about 22 million yen) excluding Toronto and Vancouver, but even in that case, the rate of price increase is in the past. The highest is that it has increased by 29% compared to the previous year.
The Canadian Broadcasting Corporation commented on the rise in home prices, saying, 'Although the new coronavirus has seen a decline in entry into the housing market, and temporary sales volume and price growth have declined, a fixed amount was implemented to improve the situation. Borrowing costs have become a source of food and the market has reheated. '
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