A law enacted on January 1st in Canada prohibits foreign citizens or temporary residents from buying residential properties in the country for two years.
The law was implemented due to a recent increase in home prices, which some believe was caused by foreign buyers purchasing homes as investments. Offenders of the ban may be fined C$10,000.
Exceptions to the ban include international students who have lived in the country for at least five years, refugee claimants, people with temporary work permits, and non-Canadian citizens with Canadian citizen spouses.
The law, supported by federal housing minister Ahmed Hussein, aims to discourage viewing homes as commodities rather than places to live and raise families.
“Through this legislation, we’re taking action to ensure that housing is owned by Canadians for the benefit of everyone who lives in this country,” Hussein said in a statement.
Some groups have criticized the law, questioning its potential impact on the housing market.
