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Canada’s government has relaxed a law that temporarily bans foreigners from purchasing homes, hoping the changes will boost housing supply.
The law, which came into effect on January 1, blocks non-Canadians from buying residential properties until the end of 2024, in an effort to improve home affordability as prices have soared.
The government this week softened the restrictions, allowing foreigners with Canadian work permits to buy homes. It also removed the prohibitions if buyers are purchasing vacant land or buying a property to develop it.
Some provinces levy a tax on non-Canadian buyers to give citizens an upper hand in bidding wars.
Source: Financial Times
