Exemption given to Permanent Residents and International Students from two-year ban of Foreign Buyer

Canada has planned a two-year ban on the investors regarding purchasing a house in the country. But permanent residents and international students will be exempted from this ban. Chrystia Freeland has revealed the strategy of Ottawa. The finance minister said that house prices will keep rising high so that working-class people and young Canadians can be kept out of this real estate market.

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Freeland said that a fairer strategy will be made for the Canadians. The finance minister added that foreign investors will be prevented from purchasing a house in Canada. The houses will be made available for the Canadian families.

Number of homes will be doubled in Ottawa

Ottawa has plans to double the number of houses, and this will be done with the help of territorial and provincial governments along with municipalities, private sectors, and non-profit sectors. It has been announced that investment will be done to make more homes which will help in reducing the barriers of building these homes.

Investment will also be made in the rental housing so that young people can get such homes easily. As foreign investors will not be allowed, so Ottawa is seeing this as the increase in inflation of the housing market.

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Exemption of temporary residents

No announcement has been made regarding the temporary residents. According to the Financial Post, it has been stated that the foreign workers will also be exempted from buying a house in Canada. Last year, 405,330 new immigrants came to Canada in spite of the corona virus pandemic. Ottawa has plans of inviting more than 1.3 million people between 2022 and 2024.

More foreign workers for Canada

The immigration minister has revealed the levels plans in which it was said that 431,645 permanent residents will be invited this year, 447,055 in 2023, and 451,000 in 2024. The workforce is needed by the growing economy of Canada. Foreign workers will be invited because of lack of skilled workers in Canada.

The finance minister has stated that the latest budget will make it easy for the skilled workers to have a home in Canada. The minister has stated that traveling to Canada will be made more affordable for the skilled workers.

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