Some foreigners have now been banned from purchasing residential property in Canada, according to a new law that took effect on 1 January.
The controversial measure has been enacted to relieve pressure on the housing market and make housing more affordable for Canadians.
With housing affordability in Australia described by some as a housing “crisis”, would a similar policy alleviate some pressure on the local market?
Canada’s two-year ban stops foreign buyers (with exceptions for refugees and permanent citizens) from purchasing residential properties in Canada’s cities.
The same Canada that let in 430,000 "New Canadians" in 2022.
At the end of the day, housing depends on resources, when a resource becomes scarce (be it land, materials, labour, etc), prices go up. And, I am sure there are still plenty of loop holes.