Canada has banned several categories of people from buying homes in their country including work permit holders, dashing dreams of Indians to own a house; violation of ban can lead to fine of $10,000
Under the ban, people who are not citizens or permanent residents of Canada as well as foreign commercial entities are barred from buying a house. However, exceptions have been made for refugees and international students meeting certain criteria. A foreign national who buys a house in violation of the ban will be fined up to $10,000 (Canadian dollars) and ordered to sell the house.
Most students go to Canada to settle there. However, in the last few years, due to the influx of immigrants from all over the world, Canada’s housing market has been facing a lot of pressure. House prices have significantly risen and so have rents making it difficult for Canadian citizens to buy or rent a house.
???????According to a report, many foreigners are buying houses in Canada resulting in a surge in home prices. Canada needs 19 million homes by 2030, the report said which means at least 58 lakh houses need to be built. The Canadian government’s decision was made to prevent the large number of foreigners living in Canada from buying houses which is equally problematic.
