Nigerians and other foreigners have been banned by the Canadian government from buying homes in the country.
IDOMA VOICE learnt that the Canadian government took the decision following the surged prices in the real estate market.
The law which was passed by the North American country after the start of the Covid-19 pandemic took effect on Sunday, January 1, 2023.
The decision is expected to last for two years.
Some politicians in the country believed that buyers were behind the skyrocketed prices jerking up the supply of homes as investments.
According to Prime Minister Justin Trudeau and his Liberal Party last year, the desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors.
He noted that the prohibition would apply only to city dwellings and not to recreational properties such as summer cottages.
Trudeau proposed the measure during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.
According to the campaign site, “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”
Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by the Non-Canadians Act.
Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes, as per an Associated Press report.
However, in the law, an exception has been made for the immigrants and permanent residents of Canada who are not citizens, as per reports from the country.