Nigerians and other foreigners will not be able to purchase a residential property beginning from the first of this year.
The ban is expected to be in place for the next two years in the first instance.
The ‘Prohibition on the Purchase of Residential Property by Non-Canadians Act’ was enacted to lower residential property prices, thought to have risen sharply due to foreigners buying the homes as investments and leaving locals with no choice but to purchase at exorbitant prices.
“The desirability of Canadian homes is attracting profiteers, wealthy corporations & foreign investors,” Prime Minister Justin Trudeau’s Liberal Party wrote on its website.
It added, “This is leading to a real problem of underused and vacant housing and skyrocketing prices. Homes are for people not investors.”
In cities like Vancouver & Toronto, taxes have been introduced to non-residents and vacant properties to deter foreign investors and make housing costs affordable for locals.
