Canadian Prime Minister Justin Trudeau is banning the purchase of homes by foreigners in his country for two years as of Sunday as part of a plan to curb inflationary pricing that has been exacerbated by the snapping up of property by Chinese and Indian immigrants.
(Video Credit: CTV News)
A bill called the “Prohibition on the Purchase of Residential Property by Non-Canadians Act,” temporarily bans all outsiders from buying property throughout the country’s 10 provinces, according to the Daily Mail.
The legislation was passed in June. Trudeau is attempting to cool the market as the average price of a home in Canada has risen to $800,000 since the pandemic. That peak was hit in February and prices have been decreasing since then but are still up 38 percent from 2019.
The Canadian housing market has not recovered. As a result of opportunistic foreigners buying every home in sight, there is a limited supply left for families to choose from. Most buyers are Chinese and Indian, but many feel it is a sure bet that BlackRock has also been buying up tracts.
The lower the supply of homes, the higher the bidding wars are for them. Many Canadians find themselves priced out of the market entirely.
(Video Credit: Daily Mail)
The law has been largely ignored by the media but now that it is taking effect, accusations of xenophobia are ringing out. Immigration numbers in Canada have hit an all-time high.
Immigrants now make up 23 percent of the Canadian population according to census data. Most of them come from Asia.
Ironically, Housing Minister Ahmed Hussein promoted protectionism and asserted in December that the legislation is meant “to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country.”
“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” the Liberal Party of Canada wrote. “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”
Breaking: Foreign buyers are now banned from buying homes in Canada
I'm sure this won't help with the drop in real estate prices there … pic.twitter.com/CuNR1aN8GX
— Markets & Mayhem (@Mayhem4Markets) January 2, 2023
“Making life more affordable for Canadians… has to start with addressing housing affordability,” Trudeau stated. “It’s a big issue for a lot of Canadians and it’s a big issue to solve.”
“There’s no one silver bullet that’s going to solve everything. That’s why our plan has three key pillars,” he added. “The first is helping people save to buy a home; the second is focusing on housing supply, to make sure we’re creating more homes across the country; and the third is putting an end to the speculation that is driving up housing prices unnecessarily.”
Interestingly enough, Trudeau, in true progressive deflection, has not addressed the rampant inflation that is a key component of the problem. Residents can thank Trudeau and the Canadian Bank for jacking up interest rates in an echo of President Biden and American banks.
Canada has officially started their 2-year ban on foreigners from buying residential property in the country.
The two exceptions are in cities that don't meet specific population criteria and vacation homes in recreation areas. pic.twitter.com/dIgkyzKhz7
— John Pompliano (@JohnPompliano) January 2, 2023
Though Trudeau is a socialist, his move is not out of the norm. Governor Ron DeSantis (R-FL), who is a staunch conservative, is proposing similar legislation that would prohibit the communist Chinese and buyers from seven other “countries of concern” from buying agricultural land and real estate that surrounds military bases.
It is also a good bet that a similar law to Canada’s may surface here in the United States given that rogue investors are buying up so many homes that Americans are also being priced out of the market.
Florida’s ban has not been approved yet, but it is likely that it will be. It will make it much more difficult for foreign-based powers that include communist and dictatorial regimes such as China, Cuba, Russia, Iran, North Korea, Syria, and Venezuela to engage in espionage or influence operations within the Sunshine State.
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