Canada is closing its doors to Nigerians & other foreigners who intend to buy residential properties for the next 2 years according to a new law that took effect on January 1.
The ‘Prohibition on the Purchase of Residential Property by Non-Canadians Act’ was enacted to lower residential property prices, thought to have risen sharply due to foreigners buying the homes as investments & leaving locals with no choice but to purchase at exorbitant prices.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations & foreign investors,” Prime Minister Justin Trudeau’s Liberal Party wrote on its website.
It added, “This is leading to a real problem of underused & vacant housing and skyrocketing prices. Homes are for people not investors.”
In cities like Vancouver & Toronto, taxes have been introduced to non-residents and vacant properties to deter foreign investors & make housing costs affordable for locals.