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Canada’s Prime Minister Justin Trudeau promised to ban foreign homebuyers for two years if he was reelected on Tuesday.
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Affordability of homes became an important issue in Canada’s next national election as the COVID-19 pandemic pushed up Canadian real estate prices.
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Home prices peaked in March of this year, with average home prices at $ 716,000 ($ 568,000), up 31.6% year-on-year.
Canada’s Prime Minister Justin Trudeau reportedly promised to ban foreign homebuyers for two years if re-elected on Tuesday. CBC..
Affordability of homes has become an important part of Canada’s national elections scheduled for September 20, as the COVID-19 pandemic has boosted Canadian real estate prices.
Home prices peaked in March of this year, with average home prices at $ 716,000 ($ 568,000). Canadian Real Estate Association (CREA).
Prices have fallen since then, with average home prices in July at $ 662,000 ($ 525,200). However, it is still 22% higher than last year. CREA..
During the suspension of the campaign in Hamilton, Ontario, Trudeau said, “If you work hard and save, your dream of having your own place should come true. But for too many, that’s not right. That’s right. No, “he said. , CBC report.
“Foreign wealth should no longer be parked in the homes where people should live,” the Canadian Prime Minister added. Bloomberg report.
In recent years, foreign buyers have acquired Canadian real estate. In 2015, Financial post Chinese buyers reportedly accounted for one-third of Vancouver’s home sales and 14% of Toronto. The outlet quoted data from the National Bank of Canada.
The federal government has announced that it will introduce a 1% tax Foreign-owned housing that is vacant or underutilized To curb external demand for housing in January next year. Trudeau told Hamilton’s crowd that he would extend taxes to vacant lots in metropolitan areas, the CBC reported.
Trudeau’s opponents are also focusing on the Canadian housing crisis, New Democratic Party He pledged to impose a 20% tax on foreign homebuyers and reported that conservatives have also proposed a similar ban on foreign buyers. Vancouver sun..
Opinion polls showed that his minority Liberal Party could form a majority, so the prime minister was reported earlier this month-two years earlier than planned-requesting a urgent election. Parents..
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