The Canadian Real Estate Association (CREA) disagreed with the decision by Trudeau, stating that it could result in retaliation from the United States and Mexico.
A new housing law in Canada will prevent Nigerians and other foreigners from buying homes in the country for investment starting from January 1, 2023, as Prime Minister, Justin Trudeau, keeps to the campaign promise made in 2021.
Trudeau had promised to ensure Canadians have access to more housing units amid a scarcity in the real estate sector, which drove the cost of homes up during the COVID-19 scourge.
Although the cost of purchasing housing units has dropped to Can$630,000 (US$465,000) in December, from Can$800,000 (US$590,000) reported in January 2022.
By 2030, close to 19 million housing units will be needed by the country to meet demands according to the national housing agency, Canada Mortgage and Housing Corporation, in a June report.
Despite the fall, the government of Trudeau went ahead to effect the housing law, Prohibition on the Purchase of Residential Property by Non-Canadians Act, that prevents foreigners from purchasing homes for investment purposes.
Trudeau’s Liberal Party had stated that foreign investors were profiting from Canadian real estate, “The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors.”
The party added in its election campaign that, “This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”
The Canadian Real Estate Association (CREA) disagreed with the decision by Trudeau, stating that it could result in retaliation from the United States and Mexico.
According to the group, the law will affect Canada’s global image as a welcoming nation and the gains from the ban will be minimal.
Related posts
Reviews
Follow Our Activities On Facebook
7 hours ago
10 hours ago
12 hours ago
12 hours ago
14 hours ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!