Canada to Ban Foreigners From Buying Homes as Prices Soar

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Trudeau to put billions toward boosting housing supply.

April 25, 2022
Brian Platt & Ari Altstedter - Bloomberg

Canada will ban most foreigners from buying homes for two years and provide billions of dollars to spur construction activity in an attempt to cool off a surging real-estate market.

The measures will be contained in Finance Minister Chrystia Freeland’s budget on Thursday, according to a person familiar with the matter, asking not to be named because the matter is private.

The move signals that Prime Minister Justin Trudeau is becoming more assertive about taming one of the developed world’s most expensive housing markets -- and that the government is growing more concerned about the political backlash to inflation and the rising cost of housing.

Reprinted courtesy of Brian Platt, Bloomberg and Ari Altstedter, Bloomberg


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