{"id":1425553,"date":"2022-04-08T11:15:12","date_gmt":"2022-04-08T15:15:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1425553"},"modified":"2022-04-08T11:15:14","modified_gmt":"2022-04-08T15:15:14","slug":"canada-proposes-banning-foreigners-from-buying-homes-for-two-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/canada-proposes-banning-foreigners-from-buying-homes-for-two-years\/","title":{"rendered":"Canada Proposes Banning Foreigners from Buying Homes for Two Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcanada-proposes-banning-foreigners-from-buying-homes-for-two-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1425553&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">Canada\u2019s federal government <a href=\"https:\/\/www.bbc.com\/news\/business-61027374\">announced<\/a> on Thursday plans to ban foreigners from purchasing homes in Canada for two years in an effort to lower surging home prices within the North American country, the BBC reported.<\/p>\n<p>Canadian Finance Minister Chrystia Freeland <a href=\"https:\/\/www.businesstimes.com.sg\/real-estate\/canada-to-ban-foreigners-from-buying-homes-as-prices-soar-0\">unveiled<\/a> the temporary measure on April 7 when announcing her ministry\u2019s latest budget. In addition to banning foreigners from buying homes within Canada for 24 months, Thursday\u2019s budget proposal allocated billions of dollars \u201cto spur new construction and proposes new programmes, such as a tax-free savings account for first-time buyers,\u201d according to the BBC.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>\u201cThe proposed ban on foreign buyers would exempt permanent residents and foreign students and workers, as well as those buying their primary residence,\u201d the British broadcaster relayed.<\/p>\n<p>\u201cThe proposal builds on actions such as special taxes that some parts of Canada have already taken against out-of-town and foreign buyers,\u201d according to the BBC.<\/p>\n<p>The broadcaster referred to the Canadian province of Ontario, where local premier Doug Ford <a href=\"https:\/\/toronto.ctvnews.ca\/ontario-to-hike-tax-on-foreign-homebuyers-while-expanding-it-provincewide-1.5839868\">raised<\/a> an existing tax on home purchases by foreign buyers from 15 percent to 20 percent on March 30. The tax hike expanded to apply to the entire province of Ontario after previously being enforced only in Toronto, the provincial capital. Toronto is home to an estimated <a href=\"https:\/\/toronto.citynews.ca\/2022\/02\/10\/census-2021-canada-toronto-population\/\">6.2 million<\/a> people and is Canada\u2019s largest city.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Leftist Canadian Prime Minister Justin Trudeau <a href=\"https:\/\/globalnews.ca\/news\/7911214\/canada-housing-trudeau-cities\/\">addressed<\/a> Toronto\u2019s rising housing costs in June 2021 while successfully campaigning for reelection.<\/p>\n<div id=\"attachment_19854442\" class=\"wp-caption alignnone\"><a href=\"https:\/\/media.breitbart.com\/media\/2022\/02\/Justin-Trudeau-Yells-at-Truckers.png\"><\/a><\/p>\n<p class=\"wp-caption-text\">Canada\u2019s Prime Minister Justin Trudeau speaks with reporters during a news conference on Parliament Hill February 11, 2022, in Ottawa, Canada. (Photo by DAVE CHAN\/AFP via Getty Images)<\/p>\n<\/div>\n<p>\u201cThe cost of housing has risen across the country driven by a mix of low interest rates and demand outstripping supply as Canadians working from home look for more space,\u201d he told the Federation of Canadian Municipalities on June 1, 2021, as paraphrased by the Canadian Press.<\/p>\n<p>\u201c[T]he result is that the cost of owning a home is too far out of reach for too many people in Canada\u2019s largest cities,\u201d Trudeau said, noting \u201cit can take 280 months for an average family to save for a down payment in a place like Toronto.\u201d<\/p>\n<p>The prime minister vowed\u00a0at the time to provide \u201cmunicipal leaders federal backing and resources toward efforts to address the high cost of housing.\u201d<\/p>\n<p>Trudeau offered the assistance as part of a greater promise to make housing more affordable for Canadian citizens nationwide. He was forced to address the issue after home prices in Canada jumped more than 50 percent from 2020 to 2022.<\/p>\n<p>Canada\u2019s housing market \u201csaw a record monthly increase in February as buyers acted ahead of rate increases by the Bank of Canada, taking the benchmark price of a home to C$869,300 [$690,528.45 USD],\u201d Bloomberg reported on April 8.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s federal government announced on Thursday plans to ban foreigners from purchasing homes in Canada for two years in an effort to lower surging home prices within the North American<\/p>\n","protected":false},"author":37,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1425553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1425553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1425553"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1425553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1425553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1425553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1425553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}