Translator: Canada Vancouver Sailing Farm – Manpui

Editors: Canada Vancouver Sailing Farm – Gerald Garwood and Lily

(Picture source XLCJ)

  According to a report by CTV News on April 6, the Canadian government will announce major restrictions on foreign home buyers in the federal budget report released the next day.  Non-residents of the country will be banned from buying any real estate for the next two years.

  The report pointed out that the restrictions, including a ban on the purchase of condos, apartments and single-family houses, are mainly aimed at foreigners who speculate in real estate.  Canadian permanent residents, foreign workers and students, etc. will not be subject to this policy if they purchase living residences. Foreign nationals purchasing a primary residence in Canada rather than a vacation home or investment property will also be exempt.

  The federal government has begun adding a 1 per cent tax on properties owned by non-residents of Canada that are vacant or underused.  In response, Ontario has increased the foreign home buyer tax from 15 per cent to 20 per cent.  Nova Scotia has also announced new taxes for non-resident homebuyers.

News link: https://www.ctvnews.ca/politics/federal-budget-to-include-ban-on-foreign-home-buyers-billions-for-housing-1.5850968

https://www.bnnbloomberg.ca/feds-plan-foreign-homebuyer-ban-billions-to-speed-up-supply-ctv-news-1.1748691

Authors: Canada Vancouver Sailing Farm – Vibrant life and Hydroxychloroquine Sulfate 64

Posted by: Canada Vancouver Sailing Farm – Wenlai (苦尽甜来)