The federal government has announced, in budget 2022, it will try to make the real estate market fairer for Canadians by putting a ban on the purchase of homes for non-Canadians starting January 1, 2023 for a two-year period.
The finance minister says the ban is needed to curb housing prices in Canada, prevent housing prices from rising so high as to push working class and young Canadians out of the real estate market and to make the market fair for Canadians.
Exemptions for this are Canadians, permanent residence, and temporary residence, which include temporary workers and international students.
The government is still working on the final policy elements. For more information and more on budget 2022 go to www.budget.gc.ca.
How does this affect you?
That depends on whether you’re a foreigner, have families that are foreigners and want to buy here, or a young Canadian family trying to find an affordable home in Canada.
Call me and let’s chat about what this means for your situation. Coffee is on me!
Real Estate Agent at TRG Realty
C: 778 835 5621 | W: www.sheldonhomes.ca