A new Canadian law passed on January 1 has banned foreigners from buying homes in the country for two years.
new Canadian lawThe law, which took effect on January 1, was passed because of a spike in home prices in Canada since the start of the COVID pandemic.
The ban prohibits non-Canadian citizens or temporary residents from buying residential properties, and imposes a C$10,000 fine on offenders.International students who have been in the country for at least five years, refugee claimants, and people with temporary work permits are excluded.
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