Trudeau Proposes Ban On Foreigners Buying Homes

April 8, 2022 Canada, Economy

Canadian Prime Minister Justin Trudeau has proposed a two-year ban on some foreigners buying homes. The measure comes as the country grapples with some of the worst housing affordability issues in the world.

Prices have jumped more than 20%, pushing the average home in Canada to nearly C$817,000 ($650,000; £495,000) – more than nine times household income.

But industry analysts say it’s not clear a ban on foreign buyers will address the problem. Data on purchases by foreign buyers in Canada is limited, but research suggests they amount for a small fraction of the market.

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Canada proposes to foreign buyers home real estate ban https://t.co/AWRRJTQQva

— BBC Business (@BBCBusiness) April 7, 2022