Stakeholders have said that Canada’s decision to close its door to foreign property investors would positively impact the Nigerian real estate market.
“It is going to have a positive effect on the Nigerian real estate sector because this would encourage Nigerians in Canada to invest at home, and help the economy of the country. It is a win-win for the Nigerian real estate market as this new policy would curb capital flight.
According to him, the adverse effect of the policy would be the issue of trust, adding that most Nigerians are not trustworthy, and they would be looking for people of integrity to invest with. More so, the new policy prohibits foreign corporations and individuals who are not permanent residents of Canada or Canadian citizens from purchasing residential real estate in Canada between January 1, 2023, and December 31, 2024. Any contractual obligations arising or assumed prior to January 1, 2023, will not be subject to the ban.
According to a CNN report, the law was passed because of a spike in Canadian home prices since the start of the pandemic and some politicians’ beliefs that foreign buyers were responsible for snapping up the supply of homes as investments.
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