Trudeau BANS foreign investors from buying property in Canada after Chinese and Indian immigrants snapped up so much it pushed up average cost of home to $800k

Daily Mail News

By ALEX HAMMER FOR DAILYMAIL.COM

PUBLISHED: 13:08 EST, 2 January 2023 | UPDATED: 18:52 EST, 2 January 2023

A Canadian law barring foreigners from buying property in the country took effect Sunday, as part of Prime Minister Justin Trudeau‘s plan to address inflating prices spurred by a recent uptick in home purchases from Asian immigrants. 

The bill, dubbed the Prohibition on the Purchase of Residential Property by Non-Canadians Act, seeks to quell the country’s housing crisis by prohibiting all outsiders – particularly investors – from purchasing property throughout its 10 provinces.

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