Why the government just banned foreign buyers
Canadian government just banned home buyers from the USA and China to rescue the Canadian housing crisis – But it comes with a BIG catch. There is no limitations on foreign buyers that are students, temporary workers, permanent residents, OR corporations that are owned by foreign individuals.
The ban will only last for 2 years, and only covers condos, and single units. So any multi unit triplex, duplex, or larger unit buildings are fair game. Not to mention that the ban has not started yet. So I’m sure this announcement will bring another surge to the housing market before the ban starts.
Plus this ban and the entire housing packages is going to cost $10 Billion dollars and $3.5 Billion is already unaccounted for 😅.
