Permanent residents in Canada exempt from the 2023 ban on buying houses

News highlights

• The Government of Canada to keep permanent residents in Canada out of the impending ban in Jan 2023 on foreigners buying homes.
• The aim is to cool the Canadian housing market and make it fair.
• The Canadian government is preventing foreign investors from parking their money in Canada by buying homes.
• More investment will be made in rental housing with Canadians owning homes.

There’s a ban on foreign nationals buying houses in Canada coming in Jan 2023. But permanent residents in Canada as well as temporary residents including TFWs (Temporary Foreign Workers) and international students are exempt from the ban. Recommended article: Canada immigration minister developing new, faster Temporary to Permanent visa policy

 The housing market in Canada

The housing market in Canada is currently very eventful with house prices increasing exponentially. It resembles what is seen as a housing bubble. The Canadian government is keen on bringing the situation under control. Also, the government wants it to be possible for working-class and young Canadians to be active in the real estate market in the country. The major defense put up is against the foreign investors who are taking advantage of the housing market by buying houses in Canada to park their money. The government wants to ensure that Canadians must primarily own houses in Canada. When Budget 2022 was announced, the intention of the Canadian government was revealed. This was to propose restrictions stopping foreign commercial entities from buying non-recreational, residential property in Canada. Anyone who isn’t a permanent resident in Canada or a Canadian citizen was proposed to be included in the purview of this restriction. Recommended article: Conversion of Canada temp resident visa to Canada PR visa now possible Canada is trying to control inflation in the Canadian real estate market. The ban on foreigners from buying housing properties is part of that effort. Besides, there has been a slowdown in the housing market, especially in areas like Toronto and Vancouver. These and other Canadian regions have been sensitive to increases in interest rates. In Vancouver, the sale of houses dropped 35% in June 2022. A similar drop was witnessed in Toronto (41%). Recommended article: Have plans to study in Canada? Here’s a guide to the costs involved

Permanent residents in Canada to stay unaffected by the ban in 2023

The Canadian government is keeping Canada PR visa holders and TFWs including temporary workers and international students away from the proposed ban. So, those who are looking to settle down or work in Canada for a long time could rest assured that their opportunity to buy homes in Canada will stay intact. This could well be an assuring gesture from Canada to those who are planning to immigrate to Canada for work, studies, or settlement. If you are willing to migrate to Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE. If you find this blog engaging, you may also like: Have plans to study in Canada? Here’s a guide to the costs involved